Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
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The ITAT reviewed a case regarding the exemption u/s 11 of the Act concerning non-charging of interest on advances for property purchase. The Assessee's society extended advances to a specified person for land purchase without interest or security. The AO argued it violated sec. 13(1)(c) r.w.s. 13(2)(a). However, as the advances were deemed genuine business deals by CIT(E) and not in violation of sec. 13(1)(c), and since they related to land for educational activities, sec. 13(2)(a) was inapplicable. The revenue accepted the advances in previous years, and CIT(E) considered them genuine business transactions. Denying exemption u/s 11 based on notional interest addition was unjustified. The ITAT directed AO to vacate the additions, ruling in favor of the assessee.
The ITAT reviewed a case regarding the exemption u/s 11 of the Act concerning non-charging of interest on advances for property purchase. The Assessee's society extended advances to a specified person for land purchase without interest or security. The AO argued it violated sec. 13(1)(c) r.w.s. 13(2)(a). However, as the advances were deemed genuine business deals by CIT(E) and not in violation of sec. 13(1)(c), and since they related to land for educational activities, sec. 13(2)(a) was inapplicable. The revenue accepted the advances in previous years, and CIT(E) considered them genuine business transactions. Denying exemption u/s 11 based on notional interest addition was unjustified. The ITAT directed AO to vacate the additions, ruling in favor of the assessee.
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