Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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ITAT allowed the appeal and set aside the rejection of exemption under s.10(23C)(vi) in favour of the assessee Society. The Tribunal held that generation of recurring surplus per se does not establish disqualification or profit motive where the Society's objects are educational and surpluses are applied for educational purposes; transfer to a School Development Fund and acquisition of land in the Society's name are not conclusive indicia of non-application. The matter is remitted to the CIT(A) to examine whether the funds and assets have been applied exclusively for the Society's objects and to determine eligibility for registration under s.10(23C)(vi) accordingly.
ITAT allowed the appeal and set aside the rejection of exemption under s.10(23C)(vi) in favour of the assessee Society. The Tribunal held that generation of recurring surplus per se does not establish disqualification or profit motive where the Society's objects are educational and surpluses are applied for educational purposes; transfer to a School Development Fund and acquisition of land in the Society's name are not conclusive indicia of non-application. The matter is remitted to the CIT(A) to examine whether the funds and assets have been applied exclusively for the Society's objects and to determine eligibility for registration under s.10(23C)(vi) accordingly.
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