Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
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