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...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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The case involves the rejection of an application for registration u/s 80G by the CIT(E) due to a time limit issue. The ITAT held that provisional registration is meant for newly formed trusts/institutions not yet active, distinguishing them from those already engaged in charitable activities. Trusts in the latter category, though not mandated to apply for registration u/s 80G, can do so under the new procedure. Those with provisional registration must apply for regular registration u/s 80G. The ITAT interpreted the time limit provision to apply to trusts not active at the time of provisional registration. The matter was remanded to the CIT(E) for reconsideration in line with the decision, ensuring a fair hearing. The appeal was allowed for statistical purposes.
The case involves the rejection of an application for registration u/s 80G by the CIT(E) due to a time limit issue. The ITAT held that provisional registration is meant for newly formed trusts/institutions not yet active, distinguishing them from those already engaged in charitable activities. Trusts in the latter category, though not mandated to apply for registration u/s 80G, can do so under the new procedure. Those with provisional registration must apply for regular registration u/s 80G. The ITAT interpreted the time limit provision to apply to trusts not active at the time of provisional registration. The matter was remanded to the CIT(E) for reconsideration in line with the decision, ensuring a fair hearing. The appeal was allowed for statistical purposes.
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