Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
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The Delhi High Court addressed the issue of deduction u/s 11(1) concerning accumulation of 15% of deemed income. The court noted that Explanation 2, inserted by the Finance Act 2017, does not apply to the case at hand (AY 2009-10). The donations made by the respondent were not affected by Explanation 2 as they were not directed to specific institutions for corpus formation. The court explained that Section 11(2) allows for accumulation of income for charitable purposes. The donations made to other charitable institutions were not subject to adverse consequences u/s 11(3) as they were reversed within a short period. The court distinguished a previous case concerning Section 80T deductions, emphasizing the unique requirements of Section 11 for charitable institutions. The court ruled in favor of the assessee, rejecting the appellant's arguments.
The Delhi High Court addressed the issue of deduction u/s 11(1) concerning accumulation of 15% of deemed income. The court noted that Explanation 2, inserted by the Finance Act 2017, does not apply to the case at hand (AY 2009-10). The donations made by the respondent were not affected by Explanation 2 as they were not directed to specific institutions for corpus formation. The court explained that Section 11(2) allows for accumulation of income for charitable purposes. The donations made to other charitable institutions were not subject to adverse consequences u/s 11(3) as they were reversed within a short period. The court distinguished a previous case concerning Section 80T deductions, emphasizing the unique requirements of Section 11 for charitable institutions. The court ruled in favor of the assessee, rejecting the appellant's arguments.
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