https://www.taxtmi.com/caselaws?id=471822 Charitable exemption under Sections 11 and 12 remains available except to the extent of the benefit conferred on a specified person where trust resources, such as unpaid security-guard services, are used without adequate consideration under Section 13(2)(d); taxation is limited to the value of that benefit. For valuation references made before 1 October 2014, rejection of books of account was necessary before a valid reference could be made under Section 142A. Section 142A(2), permitting a reference irrespective of the accounts' correctness or completeness, applies only from that date. A construction-cost addition based solely on a valuation report from an invalid reference lacks support without independent corroborative material. en-us Wed, 19 Oct 2022 00:00:00 +0530 Sat, 19 Sep 2026 10:11:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471822 Charitable exemption under Sections 11 and 12 remains available except to the extent of the benefit conferred on a specified person where trust resources, such as unpaid security-guard services, are used without adequate consideration under Section 13(2)(d); taxation is limited to the value of that benefit. For valuation references made before 1 October 2014, rejection of books of account was necessary before a valid reference could be made under Section 142A. Section 142A(2), permitting a reference irrespective of the accounts' correctness or completeness, applies only from that date. A construction-cost addition based solely on a valuation report from an invalid reference lacks support without independent corroborative material. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471822