Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
