Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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