Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Page of 4805
Press 'Enter' after typing page number.
1201 to 1220 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Related-party advances by a charitable society did not warrant denial of exemption where the construction advance arose in ordinary construction activity and no evidence showed personal benefit to specified persons, overpricing, or non-arm's-length terms. Advances to registered charitable institutions were not shown to divert funds for private benefit. Section 40A(2)(a) could not apply because the disputed interest was paid to unrelated banks, making the related disallowance and notional-interest addition unsustainable. Donations to registered charitable entities undertaking charitable activities were permissible application of income, and scholarships were claimed as charitable application. The disallowances were deleted and exemption under sections 11 and 12 was extended.
Related-party advances by a charitable society did not warrant denial of exemption where the construction advance arose in ordinary construction activity and no evidence showed personal benefit to specified persons, overpricing, or non-arm's-length terms. Advances to registered charitable institutions were not shown to divert funds for private benefit. Section 40A(2)(a) could not apply because the disputed interest was paid to unrelated banks, making the related disallowance and notional-interest addition unsustainable. Donations to registered charitable entities undertaking charitable activities were permissible application of income, and scholarships were claimed as charitable application. The disallowances were deleted and exemption under sections 11 and 12 was extended.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
