Refusal of exemption u/s 10(22) - the acquisition of property in ...

Denial of Section 10(22) exemption due to property bought under individual names, implying misuse of institutional profits.

February 28, 2019

Case Laws Income Tax HC

Refusal of exemption u/s 10(22) - the acquisition of property in the name of individuals is indicative of the fact that the profits of the institution was being used for self aggrandizement; which is the explicit motive. The explanation that the property was inadvertently purchased in the name of individuals by an innocuous mistake, can only be taken with a pinch of salt.

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Refusal of exemption u/s 10(22) - the acquisition of property in ...

Denial of Section 10(22) exemption due to property bought under individual names, implying misuse of institutional profits.

February 28, 2019

Case Laws Income Tax HC

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