S. 11 : Property held for charitable purposes-Educational institution-Income received from sale of property – Application for application of income was not made – Denial of exemption is held to be justified. [S. 11(2)]
S. 11 : Property held for charitable purposes-Educational institution-Income received from sale of property – Application for application of income was not made – Denial of exemption is held to be justified. [S. 11(2)]
S. 4 : Charge of income-tax–Diversion of income by overriding title-Obligation to spend on AMP arose after receipt of income–No obligation to spent definite amount–Application of income-Chargeable to tax. [S. 28(i)]
S. 4 : Charge of income-tax–Capital or revenue-Compensation for termination of lease-Loss of source of income–Capital receipt not to chargeable to tax. [S. 45]
S. 2(22)(e) : Deemed dividend-Trade advance-Commercial transaction-Not assessable as deemed dividend.