Tuesday, May 12, 2020

Sum collected from students for development of school building not taxable if same was kept in separate a/c

INCOME TAX : Annual development fees collected by assessee-society from students for development of school building and purchase of capital assets and kept in separate account solely for said purpose, could not be treated as income or revenue receipt for purpose of section 11

from www.taxmann.com Latest Case Laws https://ift.tt/2X1qTaz

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

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