Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Page of 4819
Press 'Enter' after typing page number.
5821 to 5840 of 96365 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
