Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Page of 4782
Press 'Enter' after typing page number.
301 to 320 of 95636 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Appellate Tribunal addressed the issue of exemption u/s 11 for income from property held for charitable purposes. It held that the provision of section 11(1)(a) applies, limiting the allowance to 15% of the income from trust property if no application of income is made for charitable purposes. The Tribunal clarified that in the absence of the assessee exercising the option to accumulate income, 85% of the income must be applied for charitable purposes. The Tribunal rejected the Revenue's adjustment u/s 143(1)(a) and assessed the income at Rs. 87,430. It also discussed the incorrect application of section 167B for tax rate computation, stating that it should follow normal rates for Associations of Persons. The Tribunal allowed the assessee's appeal.
The Appellate Tribunal addressed the issue of exemption u/s 11 for income from property held for charitable purposes. It held that the provision of section 11(1)(a) applies, limiting the allowance to 15% of the income from trust property if no application of income is made for charitable purposes. The Tribunal clarified that in the absence of the assessee exercising the option to accumulate income, 85% of the income must be applied for charitable purposes. The Tribunal rejected the Revenue's adjustment u/s 143(1)(a) and assessed the income at Rs. 87,430. It also discussed the incorrect application of section 167B for tax rate computation, stating that it should follow normal rates for Associations of Persons. The Tribunal allowed the assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
