Wednesday, March 6, 2019

No sec. 13(1)(c) violation if trustee was exclusively working for trust; sec. 11 exemption allowable

IT : Where Assessing Officer rejected assessee's claim for exemption of incmoe under section 11 on ground that assessee-trust paid salary to one of trustee and, thus, there was violation of provisions of section 13(1)(c), in view of fact that payment of salary was being made since inception of trust and it had not been disputed by revenue in earlier years and, moreover, said trustee was exclusively working for trust, impugned order passed by Assessing Officer was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2TxfjUx

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...