Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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ITAT allowed the appeal in part and remitted the matter to CIT(E) for limited inquiry. The Tribunal held that a trust/fund may be of composite charitable and religious character and is disqualified under s.80G(5) only if application of income to religious purposes exceeds the 5% threshold in s.80G(5B). Noting CIT(E) had found religious expenditure over 5% but had not considered the applicant's explanations that those outlays were charitable, the ITAT directed cit(E) to examine and verify the applicant's submissions against s.80G(5B) and, if the religious expenditure does not exceed the statutory limit, to grant approval under s.80G. Appeal allowed for statistical purposes.
ITAT allowed the appeal in part and remitted the matter to CIT(E) for limited inquiry. The Tribunal held that a trust/fund may be of composite charitable and religious character and is disqualified under s.80G(5) only if application of income to religious purposes exceeds the 5% threshold in s.80G(5B). Noting CIT(E) had found religious expenditure over 5% but had not considered the applicant's explanations that those outlays were charitable, the ITAT directed cit(E) to examine and verify the applicant's submissions against s.80G(5B) and, if the religious expenditure does not exceed the statutory limit, to grant approval under s.80G. Appeal allowed for statistical purposes.
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