Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
Whether accumulation under s.11(2) disclosed in Form 10 for construction at two schools could be treated as valid application when expenditure was also incurred on other schools run by the same charitable trust. The tribunal held that the trust's sole object was imparting education, and capital and revenue outgo on all schools run by it constituted application of income for charitable purposes; hence, the benefit of s.11(2) could not be denied merely because spending was not confined to the two named projects. However, since the AO noted discrepancies between claimed building expenditure and additions reflected in fixed asset records, allowance was made subject to verification, and the AO was directed to grant the claim upon such verification. - ITAT
Whether accumulation under s.11(2) disclosed in Form 10 for construction at two schools could be treated as valid application when expenditure was also incurred on other schools run by the same charitable trust. The tribunal held that the trust's sole object was imparting education, and capital and revenue outgo on all schools run by it constituted application of income for charitable purposes; hence, the benefit of s.11(2) could not be denied merely because spending was not confined to the two named projects. However, since the AO noted discrepancies between claimed building expenditure and additions reflected in fixed asset records, allowance was made subject to verification, and the AO was directed to grant the claim upon such verification. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
