Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The ITAT upheld the exemption under section 11 for the assessee, a development authority, recognizing it as a charitable entity within the meaning of section 2(15), consistent with prior decisions and Supreme Court precedents. The proviso to section 2(15) was held inapplicable, as the assessee's object included providing shelter to the homeless. Additionally, amounts credited to the infrastructure development and reserve funds were held not taxable in the assessee's hands, since these funds belong to the State and the assessee acts merely as custodian. The tribunal concluded that utilization of these funds for general utility further supported exemption, thereby deciding all grounds in favor of the assessee.
The ITAT upheld the exemption under section 11 for the assessee, a development authority, recognizing it as a charitable entity within the meaning of section 2(15), consistent with prior decisions and Supreme Court precedents. The proviso to section 2(15) was held inapplicable, as the assessee's object included providing shelter to the homeless. Additionally, amounts credited to the infrastructure development and reserve funds were held not taxable in the assessee's hands, since these funds belong to the State and the assessee acts merely as custodian. The tribunal concluded that utilization of these funds for general utility further supported exemption, thereby deciding all grounds in favor of the assessee.
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