Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT allowed the appeal and directed to grant registration u/s 12AB. It held that the assessee association's objects of organizing and uniting manufacturers of steel re-rollers and dealing with matters of common trade interest would be treated as charitable purpose u/s 2(15), as the benefit is being given to a section of people. The ITAT relied on the Supreme Court's decision in Bar Council of Maharashtra case to hold that trading bodies promoting and protecting industry are eligible for exemption.
ITAT allowed the appeal and directed to grant registration u/s 12AB. It held that the assessee association's objects of organizing and uniting manufacturers of steel re-rollers and dealing with matters of common trade interest would be treated as charitable purpose u/s 2(15), as the benefit is being given to a section of people. The ITAT relied on the Supreme Court's decision in Bar Council of Maharashtra case to hold that trading bodies promoting and protecting industry are eligible for exemption.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
