https://www.taxtmi.com/caselaws?id=358605 The Supreme Court of India addressed the challenge against the validity of Section 35AC(7) of the Income Tax Act, 1961. The Court allowed the petitioner to provide an undertaking to cover the tax exemption amount in case of an unfavorable outcome. Donors contributing to the petitioner's projects under Section 35AC may claim exemptions, but they would be liable for tax and interest if the petition fails. This decision aimed to mitigate the impact of the amendment on donations for specified projects while safeguarding the Revenue's interests. The Court emphasized that this ruling should not set a precedent. en-us Fri, 09 Mar 2018 00:00:00 +0530 Sat, 14 Apr 2018 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358605 The Supreme Court of India addressed the challenge against the validity of Section 35AC(7) of the Income Tax Act, 1961. The Court allowed the petitioner to provide an undertaking to cover the tax exemption amount in case of an unfavorable outcome. Donors contributing to the petitioner's projects under Section 35AC may claim exemptions, but they would be liable for tax and interest if the petition fails. This decision aimed to mitigate the impact of the amendment on donations for specified projects while safeguarding the Revenue's interests. The Court emphasized that this ruling should not set a precedent. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358605