Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Registration u/s 80G(5)(vi) - The appellant, seeking registration under Section 80G(5) of the Income Tax Act, had their application rejected due to the mention of religious objects in the trust deed. The ITAT found that while Section 80G allows for charitable purposes, any object within the trust that is wholly or substantially religious renders it ineligible for benefits. It ordered a reevaluation of whether less than five percent of the total income was spent on religious activities, with the possibility of granting benefits if found compliant with the law. Thus, the appeal was allowed for statistical purposes.
Registration u/s 80G(5)(vi) - The appellant, seeking registration under Section 80G(5) of the Income Tax Act, had their application rejected due to the mention of religious objects in the trust deed. The ITAT found that while Section 80G allows for charitable purposes, any object within the trust that is wholly or substantially religious renders it ineligible for benefits. It ordered a reevaluation of whether less than five percent of the total income was spent on religious activities, with the possibility of granting benefits if found compliant with the law. Thus, the appeal was allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
