Live Help
Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 

Cash payment made by trust couldn't be considered as payment made towards non-specified purposes

January 14, 2020[2020] 113 taxmann.com 65 (Bangalore - Trib.)
418 Views

INCOME TAX: Amount spent by assessee-trust on construction of buildings for its medical college would be treated as application of income for objects of trust and, hence, would qualify for exemption under section 11; factum of incurring such expenses by way of cash alone could not be a ground to hold that those expenses were related to non-specified purposes

INCOME TAX: Addition made by Assessing Officer on ground that assessee-trust withdrew amount from bank to make payment to related persons in violation of section 13 could not be sustained in view of fact that withdrawals made from bank had been duly accounted for in books of account and Assessing Officer had not furnished break-up details of payments alleged to have been made to said persons

INCOME TAX: Where very foundation, based on which Assessing Officer had denied exemption under section 11 to assessee had been reversed, assessee could not be denied exemption under section 11

taxmann.com
Payment
Best view in 1140 x 768