TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The ITAT held that corpus donations received by a public charitable trust, already registered under section 12AA, could not be disallowed where the Assessing Officer had not disputed their character or the exemption claimed under section 11(1)(d). It treated the corpus donation as a capital receipt and found the addition unjustified because the existing registration had been ignored by the tax authorities. The Tribunal also held that tax could not be computed at the maximum marginal rate of 30 per cent and that the applicable slab rate for the trust had to be applied. The appeal was allowed and the consequential tax computation was directed to be corrected.
The ITAT held that corpus donations received by a public charitable trust, already registered under section 12AA, could not be disallowed where the Assessing Officer had not disputed their character or the exemption claimed under section 11(1)(d). It treated the corpus donation as a capital receipt and found the addition unjustified because the existing registration had been ignored by the tax authorities. The Tribunal also held that tax could not be computed at the maximum marginal rate of 30 per cent and that the applicable slab rate for the trust had to be applied. The appeal was allowed and the consequential tax computation was directed to be corrected.
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