Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Assessee society's activities allowed as eligible for deduction u/s 10(23C)(vi) for previous assessment years. AO denied exemption u/s 11, alleging profits from publication business and advances to sister concern/universities. Supreme Court in New Noble Educational Society case held that disproportionate surpluses/profits should not be given weight if incidental to main educational activities. Matter remanded to AO to re-examine issue after giving opportunity of hearing to assessee, who shall furnish evidence proving activities are not commercial in nature and interlinked with imparting education. Assessee can file requisite documents.
Assessee society's activities allowed as eligible for deduction u/s 10(23C)(vi) for previous assessment years. AO denied exemption u/s 11, alleging profits from publication business and advances to sister concern/universities. Supreme Court in New Noble Educational Society case held that disproportionate surpluses/profits should not be given weight if incidental to main educational activities. Matter remanded to AO to re-examine issue after giving opportunity of hearing to assessee, who shall furnish evidence proving activities are not commercial in nature and interlinked with imparting education. Assessee can file requisite documents.
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