Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
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The ITAT allowed the appeal of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
The ITAT allowed the appeal of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
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