Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT allowed the assessee's appeal, set aside the CIT(A)'s...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exempt
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The ITAT allowed the assessee's appeal, set aside the CIT(A)'s order and directed the AO to delete the disallowance, holding that the educational institution qualifies for exemption under s.10(23C)(iiiad). The Tribunal ruled that interest and dividend receipts of the trust are not includible in the school's annual receipts for the statutory Rs.1 crore threshold; consequently, the institution's annual receipts from the educational activity fall below the ceiling and the corresponding capital gains/gross receipts are exempt. The coordinate-bench precedent was applied to conclude that the entire income attributable to the educational institution is exempt from tax, and the assessment adjustments disallowing exemption were reversed.
The ITAT allowed the assessee's appeal, set aside the CIT(A)'s order and directed the AO to delete the disallowance, holding that the educational institution qualifies for exemption under s.10(23C)(iiiad). The Tribunal ruled that interest and dividend receipts of the trust are not includible in the school's annual receipts for the statutory Rs.1 crore threshold; consequently, the institution's annual receipts from the educational activity fall below the ceiling and the corresponding capital gains/gross receipts are exempt. The coordinate-bench precedent was applied to conclude that the entire income attributable to the educational institution is exempt from tax, and the assessment adjustments disallowing exemption were reversed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
