Income Below 15% Threshold: No Taxable Income Assessed; Additions by AO and CIT(A) Removed u/s 11.

Income Below 15% Threshold: No Taxable Income Assessed; Additions by AO and CIT(A) Removed u/s 11. https://www.taxtmi.com/highlights?id=42996 Exemption u/s 11 - since the net income as per expenditure account is much below the prescribed limit of 15%, therefore, no income is held to be taxable and consequently in all the years income has to be assessed at ‘nil’ and consequently the entire addition made by the AO and CIT(A) is directed to be deleted. en-us Fri, 30 Nov 2018 07:24:40 +0530 Fri, 30 Nov 2018 07:24:40 +0530 TaxTMI RSS Generator Income Below 15% Threshold: No Taxable Income Assessed; Additions by AO and CIT(A) Removed u/s 11. https://www.taxtmi.com/highlights?id=42996 Exemption u/s 11 - since the net income as per expenditure account is much below the prescribed limit of 15%, therefore, no income is held to be taxable and consequently in all the years income has to be assessed at ‘nil’ and consequently the entire addition made by the AO and CIT(A) is directed to be deleted. Highlights Income Tax Fri, 30 Nov 2018 07:24:40 +0530 https://www.taxtmi.com/highlights?id=42996