Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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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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