Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Electronic Postal Bill of Export templates mandating specified data fields for postal export declarations; system-generated Let Export Order on public...
Denial of exemption under sections 11 and 12 was sustained where the trust's receipts arose from government work contracts and not from donations or charitable activity; TDS under contract payments supported this commercial character. The article applies the charitable-purpose versus commercial-contract test and the incidental-business doctrine, finding contract income primary, not incidental, and absence of separate books fatal to exemption under the charitable activity definition. Use of trust funds for trustee benefit or payments on running account to specified persons attracts the prohibition on directing income to specified persons and loss of exemption with taxation at the maximum marginal rate.
Denial of exemption under sections 11 and 12 was sustained where the trust's receipts arose from government work contracts and not from donations or charitable activity; TDS under contract payments supported this commercial character. The article applies the charitable-purpose versus commercial-contract test and the incidental-business doctrine, finding contract income primary, not incidental, and absence of separate books fatal to exemption under the charitable activity definition. Use of trust funds for trustee benefit or payments on running account to specified persons attracts the prohibition on directing income to specified persons and loss of exemption with taxation at the maximum marginal rate.
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