Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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
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