Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
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