Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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.
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