Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
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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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