Saturday, October 5, 2019

DIT (exemption) can't question application of income of trust at the time of its registration

INCOME-TAX : At stage of registration, question of application of income of trust is premature; where undisputedly 71 percent of receipt of trust were spent in accordance with its object, merely a partial expenditure, which was for religious purposes was not to make trust non-genuine

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

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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...