Wednesday, November 24, 2021

Object of an association can’t be treated as non-charitable on grounds of earning revenue from commercial activity

INCOME TAX : Where main object of assessee-association, an apex body of all State Transport Corporation, was to improve public transport system in country, merely because it earned revenue from testing automobile parts and consultancy services, it could not be said that assessee-association was not charitable in nature

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317375/object-of-an-association-can’t-be-treated-as-non-charitable-on-grounds-of-earning-revenue-from-commercial-activity.aspx

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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...