Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
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Cancellation of registration under provisions concerning specified violations was quashed because the tax authority failed to identify any specified violation attributable to the trust; receipt of funds from an Indian citizen resident abroad, sent from personal savings through normal banking channels, was treated per FCRA guidance as not constituting foreign contribution, and suspicion without corroborative evidence cannot substitute for incriminating material. The tribunal emphasised that cancellation powers target misuse or failure to apply donations to objects of the trust, which was not shown here, and therefore the registration cancellation was unsustainable and the appeal allowed.
Cancellation of registration under provisions concerning specified violations was quashed because the tax authority failed to identify any specified violation attributable to the trust; receipt of funds from an Indian citizen resident abroad, sent from personal savings through normal banking channels, was treated per FCRA guidance as not constituting foreign contribution, and suspicion without corroborative evidence cannot substitute for incriminating material. The tribunal emphasised that cancellation powers target misuse or failure to apply donations to objects of the trust, which was not shown here, and therefore the registration cancellation was unsustainable and the appeal allowed.
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