Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
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Exemption under Section 10(23C)(iiiad) - Determination of threshold of turnover - ‘annual receipts’ versus ‘gross receipt’ - The Assessing Officer (AO) disallowed the claim, stating that the gross receipt of the college exceeded the threshold limit, thereby making it ineligible for exemption under this provision. - However, the Tribunal's decision highlighted that the provision refers to "annual receipts" and not "gross receipts." It argued that voluntary contributions towards corpus, which are uncertain as to time and volume, should not be considered part of the regular, annual receipt of an educational institution. - The Tribunal allowed the college's appeal, directing the deletion of the disallowance of exemption under Section 10(23C)(iiiad).
Exemption under Section 10(23C)(iiiad) - Determination of threshold of turnover - ‘annual receipts’ versus ‘gross receipt’ - The Assessing Officer (AO) disallowed the claim, stating that the gross receipt of the college exceeded the threshold limit, thereby making it ineligible for exemption under this provision. - However, the Tribunal's decision highlighted that the provision refers to "annual receipts" and not "gross receipts." It argued that voluntary contributions towards corpus, which are uncertain as to time and volume, should not be considered part of the regular, annual receipt of an educational institution. - The Tribunal allowed the college's appeal, directing the deletion of the disallowance of exemption under Section 10(23C)(iiiad).
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