Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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...
An existing trust had previously been granted approval u/ss 12AA and 80G of the Income Tax Act. However, instead of applying under clause (i) of the proviso to Section 80G, which is applicable for existing trusts, it incorrectly applied under clause (iii) as a new trust. Clause (i) does not require any provisional approval, and the Principal Commissioner or Commissioner would have granted approval for five years upon written application. The controversy arose due to the incorrect mention of clause (iv) instead of clause (i) in Form No. 10AC, which the assessee admitted was an error. Since Form No. 10AC was filed on time, the incorrect clause mention is considered a curable defect. The order of the Commissioner of Income Tax (Exemption) is set aside, and they are required to consider the application as filed under clause (i) of the first proviso to Section 80G(5) and grant approval accordingly. The assessee's appeal is allowed for statistical purposes.
An existing trust had previously been granted approval u/ss 12AA and 80G of the Income Tax Act. However, instead of applying under clause (i) of the proviso to Section 80G, which is applicable for existing trusts, it incorrectly applied under clause (iii) as a new trust. Clause (i) does not require any provisional approval, and the Principal Commissioner or Commissioner would have granted approval for five years upon written application. The controversy arose due to the incorrect mention of clause (iv) instead of clause (i) in Form No. 10AC, which the assessee admitted was an error. Since Form No. 10AC was filed on time, the incorrect clause mention is considered a curable defect. The order of the Commissioner of Income Tax (Exemption) is set aside, and they are required to consider the application as filed under clause (i) of the first proviso to Section 80G(5) and grant approval accordingly. The assessee's appeal is allowed for statistical purposes.
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