Friday, October 23, 2020

Accumulation of 15% of income u/s 11 couldn't be regarded as obligation envisaged in law

INCOME TAX : Where a trust has incurred shortfall due to its excess spending on objects of trust in a particular year, such deficit or shortfall could be allowed to be carried forward in full for set off against incomes generated in subsequent years

from www.taxmann.com Latest Case Laws https://ift.tt/37AC5Sq

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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...