Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Accumulation under section 11(2) could not be denied where the trust filed Form No. 10 within time, the stated purpose of repair, renovation and maintenance of temple-related premises fell within the trust's religious and charitable objects, and the accumulated funds were invested in fixed deposits with HDFC Bank, a permissible mode under section 11(5). Minor variations or general descriptions in Form No. 10 were held insufficient by themselves to defeat the benefit. Only the limited factual issue of verifying the dates of investment was remanded to the Assessing Officer for examination and consequential relief in accordance with law.
Accumulation under section 11(2) could not be denied where the trust filed Form No. 10 within time, the stated purpose of repair, renovation and maintenance of temple-related premises fell within the trust's religious and charitable objects, and the accumulated funds were invested in fixed deposits with HDFC Bank, a permissible mode under section 11(5). Minor variations or general descriptions in Form No. 10 were held insufficient by themselves to defeat the benefit. Only the limited factual issue of verifying the dates of investment was remanded to the Assessing Officer for examination and consequential relief in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
