Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Page of 4801
Press 'Enter' after typing page number.
861 to 880 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax Act. Its main activity is promoting exports of the leather industry by facilitating participation of members in trade fairs. The council serves as a bridge between exporters, overseas buyers, and the government. The exemption was granted in earlier years based on the ITAT order, which held that the council's activities do not constitute business, trade, or commerce, and the proviso to Section 2(15) does not apply. For applying the second proviso to Section 2(15), receipts from providing rental space in fairs and trade shows should be considered. Only the profit element, not the entire receipt, should be considered as the numerator for complying with the 20% limit under the second proviso. The council incurred a loss from trade fair activities, and the net surplus of Rs. 7.62 crores was less than 20% of the total receipts. Thus, the ITAT set aside the orders denying exemption u/s 10(23C)(iv).
The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax Act. Its main activity is promoting exports of the leather industry by facilitating participation of members in trade fairs. The council serves as a bridge between exporters, overseas buyers, and the government. The exemption was granted in earlier years based on the ITAT order, which held that the council's activities do not constitute business, trade, or commerce, and the proviso to Section 2(15) does not apply. For applying the second proviso to Section 2(15), receipts from providing rental space in fairs and trade shows should be considered. Only the profit element, not the entire receipt, should be considered as the numerator for complying with the 20% limit under the second proviso. The council incurred a loss from trade fair activities, and the net surplus of Rs. 7.62 crores was less than 20% of the total receipts. Thus, the ITAT set aside the orders denying exemption u/s 10(23C)(iv).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
