Assessment of trust - Addition on account of provisions of ...

Tax Tribunal Upholds Trust's Income as NIL; Gratuity and Prior Expenses Exempt u/s 10(23)(iiiab.

October 28, 2021

Case Laws Income Tax AT

Assessment of trust - Addition on account of provisions of gratuity and prior period expenses - In fact, the assessee had made claim u/s 10(23)(iiiab) of the Act. Therefore, we do not find any infirmity in treating the income at NIL by Ld.CIT(A). Thus, grounds raised by the Revenue are dismissed. - AT

View Source

← Previous Next →

Assessment of trust - Addition on account of provisions of ...

Tax Tribunal Upholds Trust's Income as NIL; Gratuity and Prior Expenses Exempt u/s 10(23)(iiiab.

October 28, 2021

Case Laws Income Tax AT

You may also like:

Deduction claimed u/s 36(1)(viii) for interest income from housing finance for non-residential purposes was disallowed, excluding such amounts from computing eligible...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Notification exempting specified income of 'Kalyan Karnataka Region Development Board' (PAN AAAGH0732F), a Board constituted by Karnataka Government, from income tax u/s...

Assessment u/s 153A - benefit of exemption u/s 11 - Bogus purchases - even if the benefits of section 11 is denied than too there can be no income of the appellant trust...

The HC dismissed a petition challenging denial of exemption under section 10(23C)(vi) of the Income Tax Act. The petitioner-trust argued that income received solely for...

The Income Tax Appellate Tribunal held that the denial of exemption u/s 10(23C)(iiiab) for late filing of the income tax return beyond the time specified u/s 139(1) or...

Imports crude edible oil - crude palm oil - Whether Social Welfare Surcharge (SWS) is leviable when the Basic Customs Duty (BCD) is exempted. - The tribunal held that...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

The ITAT held that exemption u/s 10(23C) was disallowed due to non-filing of audit report in Form 10BB. Assessee not registered u/s 10(23), ineligible for exemption. Net...

Whether income of VCF shall be exempt only to the extent it is from the investment in venture capital undertaking ? - Exemption under section 10(23FB) and exemption...

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

Benefit of the provisions of Section 10 (23C)(iiiab) - There is a sweeping difference in according the any assessee to the provisions of Section 12AA and Section...

Denial of exemption u/s 10(23C)(iiiad), addition of unexplained cash credits u/s 69A. Registration granted u/s 12AA from 23-02-2019 indicating trust not exclusively...

Notification issued u/s 10(46) of Income Tax Act, 1961 exempting specified income of Uttaranchal Board of Technical Education, Roorkee (PAN: AAALU0281D) from income tax,...

The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

Quick Updates: