Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
