Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Exemption under section 11 was sustained because the assessee's letting of an auditorium was held to be merely incidental to its dominant charitable objects of education and medical relief, undertaken to augment funds. The Tribunal followed its decision in the assessee's own earlier year on identical facts and found that the activity did not amount to carrying on business, so the proviso to section 2(15) was not attracted. The Commissioner (Appeals)'s grant of relief under section 11 therefore required no interference, and the exemption was upheld for both assessment years.
Exemption under section 11 was sustained because the assessee's letting of an auditorium was held to be merely incidental to its dominant charitable objects of education and medical relief, undertaken to augment funds. The Tribunal followed its decision in the assessee's own earlier year on identical facts and found that the activity did not amount to carrying on business, so the proviso to section 2(15) was not attracted. The Commissioner (Appeals)'s grant of relief under section 11 therefore required no interference, and the exemption was upheld for both assessment years.
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