Exemption u/s 11 - loss incurred out of corpus fund - What is ...

Court Rules on Section 11: Only Real Income Taxed, Ensures Uniformity in Profit and Loss Treatment.

February 27, 2023

Case Laws Income Tax HC

Exemption u/s 11 - loss incurred out of corpus fund - What is taxable is the real income. If the AO’s view is to be accepted, it would lead to incongruous results. We say so because in the event, the assessee had earned profit in the instant transaction, the Revenue would have imposed tax on assessee. There cannot be different standards of examining facts when the assessee earns profit and when it suffers loss. - HC

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Exemption u/s 11 - loss incurred out of corpus fund - What is ...

Court Rules on Section 11: Only Real Income Taxed, Ensures Uniformity in Profit and Loss Treatment.

February 27, 2023

Case Laws Income Tax HC

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