Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s allowance of the trust's claim for exemption under s.11 and s.12 and rejecting the AO's invocation of s.13(1)(c) to treat the trust as an AOP. The Tribunal relied on a co-ordinate bench decision setting aside the cancellation of registration under s.12A/s.12AB and directed restoration of registration; prior judicial precedent and facts on record demonstrate that the trust deed permits the challenged leasing arrangement and that the issue is no longer open to re-investigation. Consequently, the assessee retains charitable status and entitlement to exemptions for the assessment year under review; Revenue's appeal is dismissed.
The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s allowance of the trust's claim for exemption under s.11 and s.12 and rejecting the AO's invocation of s.13(1)(c) to treat the trust as an AOP. The Tribunal relied on a co-ordinate bench decision setting aside the cancellation of registration under s.12A/s.12AB and directed restoration of registration; prior judicial precedent and facts on record demonstrate that the trust deed permits the challenged leasing arrangement and that the issue is no longer open to re-investigation. Consequently, the assessee retains charitable status and entitlement to exemptions for the assessment year under review; Revenue's appeal is dismissed.
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