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...
Principal Commissioner's transfer of the assessee's PAN and associated 'case' to the Central charge carried all powers over the PAN, including power to cancel registration; therefore PCIT(C) had jurisdiction to cancel registration for prior and subsequent years. Cancellation under registration provisions was upheld on merits: the trust's recorded activities were non genuine and deviated from its objects by funding profit entities, promoting partisan content, and making payments without evidence of services, amounting to specified violations; such use of funds defeats charitable application and justifies loss of exemption. The appeal against cancellation is dismissed.
Principal Commissioner's transfer of the assessee's PAN and associated 'case' to the Central charge carried all powers over the PAN, including power to cancel registration; therefore PCIT(C) had jurisdiction to cancel registration for prior and subsequent years. Cancellation under registration provisions was upheld on merits: the trust's recorded activities were non genuine and deviated from its objects by funding profit entities, promoting partisan content, and making payments without evidence of services, amounting to specified violations; such use of funds defeats charitable application and justifies loss of exemption. The appeal against cancellation is dismissed.
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