https://www.taxtmi.com/caselaws?id=445303 The ITAT SURAT-AT addressed four issues concerning a trust's tax assessment. First, the tribunal denied the statutory deduction under Section 24(a) for rent income, following precedent that trusts subject to Sections 11 and 13 cannot claim standard deductions as their income is exempt. Second, regarding FCRA penalty disallowance, the tribunal allowed the expenses as they were incurred for regularizing foreign remittance in the regular course of business. Third, concerning foreign contribution addition, the tribunal directed verification and relief since no funds were received in the assessment year under consideration. Fourth, for unexplained bank deposits, the tribunal deleted the addition as the assessee provided complete documentation and the account was properly maintained and audited. en-us Tue, 31 Oct 2023 00:00:00 +0530 Fri, 03 Nov 2023 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445303 The ITAT SURAT-AT addressed four issues concerning a trust's tax assessment. First, the tribunal denied the statutory deduction under Section 24(a) for rent income, following precedent that trusts subject to Sections 11 and 13 cannot claim standard deductions as their income is exempt. Second, regarding FCRA penalty disallowance, the tribunal allowed the expenses as they were incurred for regularizing foreign remittance in the regular course of business. Third, concerning foreign contribution addition, the tribunal directed verification and relief since no funds were received in the assessment year under consideration. Fourth, for unexplained bank deposits, the tribunal deleted the addition as the assessee provided complete documentation and the account was properly maintained and audited. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445303