PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT denied exemption u/ss 11/12 to the society for failing to file income tax return as mandated by section 12A(1)(b). Despite non-filing of return, ITAT directed allowance of depreciation on fixed assets under Explanation 5 to section 32(1), subject to verification of conditions. The tribunal rejected society's claim regarding enhancement of income by CIT(A), holding that using net income/surplus from Income and Expenditure Account for tax computation did not constitute enhancement. The appeal was partially allowed only on depreciation claim while other grounds were dismissed. CIT(A)'s computation methodology using society's disclosed surplus was upheld as valid basis for income determination.
ITAT denied exemption u/ss 11/12 to the society for failing to file income tax return as mandated by section 12A(1)(b). Despite non-filing of return, ITAT directed allowance of depreciation on fixed assets under Explanation 5 to section 32(1), subject to verification of conditions. The tribunal rejected society's claim regarding enhancement of income by CIT(A), holding that using net income/surplus from Income and Expenditure Account for tax computation did not constitute enhancement. The appeal was partially allowed only on depreciation claim while other grounds were dismissed. CIT(A)'s computation methodology using society's disclosed surplus was upheld as valid basis for income determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
