S. 80P: Co-operative societies-Interest from Nationalised banks-Income from other sources-Proportionate expenditure-The matter was remanded to the file of the Assessing Officer for verification. [S. 56, 57, 80P(2)(d)]
S. 80P: Co-operative societies-Interest from Nationalised banks-Income from other sources-Proportionate expenditure-The matter was remanded to the file of the Assessing Officer for verification. [S. 56, 57, 80P(2)(d)]
S. 80JJAA: Employment of new workmen –Form No.10DA-Filed along with revised return-Report of accountant in Form No. 10DA was available before the Assessing Officer at the time of processing the revised return-Entitled to claim deduction-Matter was remanded for limited verification.[S.139(1), Form No 10DA]
S. 80IB(10) : Housing projects-Delay in completion of project-Additional evidence obtained under RTI Act-Matter was to be remanded to Assessing Officer to decide issue afresh after considering additional evidence and granting due opportunity to assesse.[S.115JC]
S. 80G: Donation-CSR expenditure-Entitled to deduction even if the amount was donated under CSR expenses.[S.37(1), 80G(2)(iiihk), 80G(2) (iiihI), Companies Act, 2013, S.135]
S. 80G: Donation-Rejection of application-Selection of wrong code-Principles of natural justice-Matter was to be remitted to CIT(E) with direction to consider application as filed under correct clause and consider it afresh on merits. [S.80G(5), Form No 10AB]
S. 80G : Donation-Welfare trust-38.53% of income was spent on religious activities, exceeding the 5% limit, and it failed to provide evidence of charitable activities like education or health-Rejection of application by CIT(E) was justified.[S.80G(5)(iii)]
S. 80G: Donation-Corporate Social Responsibility (CSR) funds-Eligible for deduction.
S. 80G: Donation-Rejection of application-Claimed exemption in earlier years-Claiming exemption in prior years does not debar a trust from seeking approval under section 80G(5)-Rejection order was quashed. [S.11, 80G(5)(iv)(B)]
S. 74: Losses-Capital gains-Tax resident of Mauritius-Sale of shares acquired before 01.04.2017-Grandfathered sale-Non-grandfathered sale-Both transactions were distinct; assessee was entitled to claim carry forward of long-term capital loss to subsequent years-Dividend income can’t be adjusted against long-term capital loss carried forward. DTAA-India-Mauritius.[S.56, 90, 245R, Art, 13 (4)]
S. 69C: Unexplained expenditure-Renovation of residential house-Addition was to be restricted to 25 per cent of the net differential between accounted payments and estimated gross renovation cost.