Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
Where an assessee, though assessed as an AOP, is a charitable trust that has surrendered its registration under s.12A and does not claim exemption under s.11, but carries on charitable activities for the benefit of the public at large and has no determinate members, it satisfies the conditions of CBDT Circular No. 320 dated 11-01-1982 for taxation at normal AOP slab rates. Following the earlier decision in the assessee's own case on the same issue, levy of tax at the maximum marginal rate along with surcharge was held inapplicable, and the assessee was directed to be taxed at the normal slab rates applicable to an AOP; the appeal was allowed. - ITAT
Where an assessee, though assessed as an AOP, is a charitable trust that has surrendered its registration under s.12A and does not claim exemption under s.11, but carries on charitable activities for the benefit of the public at large and has no determinate members, it satisfies the conditions of CBDT Circular No. 320 dated 11-01-1982 for taxation at normal AOP slab rates. Following the earlier decision in the assessee's own case on the same issue, levy of tax at the maximum marginal rate along with surcharge was held inapplicable, and the assessee was directed to be taxed at the normal slab rates applicable to an AOP; the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
