Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Whether the assessee's activities qualified as "charitable purpose" under s.2(15) and thus exemption under s.11: tribunal held that registration u/s 12A creates a presumption of charitable objects unless contrary to s.2(15) or ss.13(1)(c)/(d); passive interest from mandated investments u/s11(5) is not commercial activity and does not attract the proviso to s.2(15), relying on jurisdictional precedent, therefore interest income remains exempt under s.11 - outcome: exemption upheld and additions deleted. Whether corpus donations are taxable: corpus receipts are capital and exempt u/s11(1)(d); no material for s.13 breach - outcome: exemption maintained. - ITAT
Whether the assessee's activities qualified as "charitable purpose" under s.2(15) and thus exemption under s.11: tribunal held that registration u/s 12A creates a presumption of charitable objects unless contrary to s.2(15) or ss.13(1)(c)/(d); passive interest from mandated investments u/s11(5) is not commercial activity and does not attract the proviso to s.2(15), relying on jurisdictional precedent, therefore interest income remains exempt under s.11 - outcome: exemption upheld and additions deleted. Whether corpus donations are taxable: corpus receipts are capital and exempt u/s11(1)(d); no material for s.13 breach - outcome: exemption maintained. - ITAT
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