Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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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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