Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Page of 4792
Press 'Enter' after typing page number.
741 to 760 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Exemption u/s 11 and 12 - charitable activity u/s 2(15) - total receipts from trade, commerce or business/service exceeded 20% of total receipts - The ITAT, referencing the Supreme Court's judgment in the case of CIT vs. AUDA & others, held that the assessee's activities were in the nature of advancement of general public utility and were not commercial. Thus, it was eligible for exemption under sections 11 & 12 of the Act. The Tribunal rejected the Revenue's appeal, emphasizing that activities carried out by statutory bodies for public utility, even if they generate income, do not constitute commercial activities if they are within the bounds of the specified statutory framework and aim.
Exemption u/s 11 and 12 - charitable activity u/s 2(15) - total receipts from trade, commerce or business/service exceeded 20% of total receipts - The ITAT, referencing the Supreme Court's judgment in the case of CIT vs. AUDA & others, held that the assessee's activities were in the nature of advancement of general public utility and were not commercial. Thus, it was eligible for exemption under sections 11 & 12 of the Act. The Tribunal rejected the Revenue's appeal, emphasizing that activities carried out by statutory bodies for public utility, even if they generate income, do not constitute commercial activities if they are within the bounds of the specified statutory framework and aim.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
