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...
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
