Monday, December 9, 2019

CIT(E) rightly disallowed exemption to trust as running 'Kuri' business wasn't incidental to attainment of its objects

INCOME TAX: Though main object of assessee-trust was to offer relief to poor but since it was running kuri business which was a profit making activity and not incidental to attainment of objects of trust, Commissioner (Exemptions) was justified in setting aside assessment order as erroneous and prejudicial to interests of revenue

from www.taxmann.com Latest Case Laws https://ift.tt/38uB3p0

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...