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...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The HC allowed the petitioner's claim for accumulation under s.11(2) despite delayed formalities, exercising powers under s.119(2)(b) to condone delay and grant exemption. The court found denial would cause genuine hardship because the accumulated funds were already applied to the trust's objects in AY 2020-21 and substantive statutory requirements (board resolution, Form 10B audit report, timely-filed return) were satisfied. The HC distinguished authority relied upon by the revenue as fact-specific and inapplicable, noting no change in the petitioner's claim. Relief was therefore granted, preventing tax recovery arising from denial of the accumulation benefit.
The HC allowed the petitioner's claim for accumulation under s.11(2) despite delayed formalities, exercising powers under s.119(2)(b) to condone delay and grant exemption. The court found denial would cause genuine hardship because the accumulated funds were already applied to the trust's objects in AY 2020-21 and substantive statutory requirements (board resolution, Form 10B audit report, timely-filed return) were satisfied. The HC distinguished authority relied upon by the revenue as fact-specific and inapplicable, noting no change in the petitioner's claim. Relief was therefore granted, preventing tax recovery arising from denial of the accumulation benefit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
