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...
Under section 11, a trust could set off excess charitable expenditure of earlier years against income of the subsequent year for AY 2017-18, because pre-01/04/2022 law contained no restriction that income must be applied only in the year it arose. The Finance Act, 2021 insertion of Explanation 5 to section 11(1), which bars such set-off, was treated as prospective from 01/04/2022. The claim could not be rejected for want of Form 9A, as that form was not required for this adjustment. The ITAT remitted the matter to the Assessing Officer only to verify the carried forward deficit and supporting records before granting relief.
Under section 11, a trust could set off excess charitable expenditure of earlier years against income of the subsequent year for AY 2017-18, because pre-01/04/2022 law contained no restriction that income must be applied only in the year it arose. The Finance Act, 2021 insertion of Explanation 5 to section 11(1), which bars such set-off, was treated as prospective from 01/04/2022. The claim could not be rejected for want of Form 9A, as that form was not required for this adjustment. The ITAT remitted the matter to the Assessing Officer only to verify the carried forward deficit and supporting records before granting relief.
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