2019 (7) TMI 518 - SCH - Income Tax

Obligation to seek exemption under Section 12AA - real income accrued to society - 'statutory levy' under the VAT Act, 2005 is being collected by virtue of the powers entrusted by the State Government to the respondent Assessee - surplus of income over expenditure - whether the retention of a part of the VAT collected by the respondent Assessee till the process of determination of its actual expenditure incurred on the collection, followed by deposit of balance surplus amount in the Government Treasury for onward transmission to the State Government, can be treated as the 'real income' in the hands of the respondent Assessee for the purpose of IT Act, 1961? - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition under Article 136 of the Constitution of India. Delay was condoned, and pending applications were disposed of. (Case citation: 2019 (7) TMI 518 - SC)