Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
