Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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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