Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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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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