Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same should have utilized for that purpose only and if depreciation is charged, depreciation should be reduced from the corpus fund as well as from the fixed assets. Whereas the assessee has reduced from the current year’s receipts - Since the society is not registered u/s 12A/12AA of the Act, in our considered view, the AO/CPC has right in making the addition treating the corpus fund receipts/donations as income and the CIT(A) has confirmed the same by analyzing the issue elaborately. - AT
Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same should have utilized for that purpose only and if depreciation is charged, depreciation should be reduced from the corpus fund as well as from the fixed assets. Whereas the assessee has reduced from the current year’s receipts - Since the society is not registered u/s 12A/12AA of the Act, in our considered view, the AO/CPC has right in making the addition treating the corpus fund receipts/donations as income and the CIT(A) has confirmed the same by analyzing the issue elaborately. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
