Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
SC affirmed the High Court's reversal of the ITAT and upheld the AO/Appellate Commissioner's disallowance of exemption under s.11, holding the trust's receipt of an interest-free secured loan to its manager did not meet charitable activity under s.2(15). The Court accepted that the asserted 10% interest was not evidenced in accounting records or audit reports and that a post hoc resolution was unreliable; s.13(1)(c) rendered the institution's entire income taxable if any part benefits specified persons. The appeal was dismissed on merits; however, the appellant-assessee was granted liberty to make a representation to the AO regarding the appropriate quantum of tax payable.
SC affirmed the High Court's reversal of the ITAT and upheld the AO/Appellate Commissioner's disallowance of exemption under s.11, holding the trust's receipt of an interest-free secured loan to its manager did not meet charitable activity under s.2(15). The Court accepted that the asserted 10% interest was not evidenced in accounting records or audit reports and that a post hoc resolution was unreliable; s.13(1)(c) rendered the institution's entire income taxable if any part benefits specified persons. The appeal was dismissed on merits; however, the appellant-assessee was granted liberty to make a representation to the AO regarding the appropriate quantum of tax payable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
