Wednesday, October 6, 2021

Donations received with specific directions by donors for use towards corpus funds of trust is capital receipts: ITAT

INCOME TAX : Amount of donations received by assessee-trust with specific directions by donors for using same towards corpus funds would be treated as capital receipts and, therefore, same could not be included in income of assessee

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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...