Tuesday, January 14, 2020

Investment in Chit Fund isn't prescribed modes of investment u/s 11(5); ITAT disallowed trust exemption

INCOME TAX: Where assessee trust had invested its surplus fund in chit fund during preceding assessment year, it was a clear case of violation of provisions of section 11(5), hence, assessee-trust was not entitled for exemption under section 11

from www.taxmann.com Latest Case Laws https://ift.tt/3a400bH

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...