On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any such sum. Tax has been deducted in any subsequent year, or has been deducted
Does the purpose of a trust restrict spending the income of a profitable activity exclusively or primarily upon what is `charity’ in law? If the profits must necessarily feed a charitable purpose, under the terms of the trust, the mere fact that the activities of the trust yield profit will not alter the charitable character of trust
From the above facts, it is clear that Once the society during a period of almost 12 years has not carried out any activity, except purchasing land, to construct school/college building for imparting education, which was the main object of the society the activities of the trust for granting approval under section 80G cannot be called genuine and the CIT was fully justified in refusing to grant approval u/s 80G of the Income-tax Act. Hence, the order of Commissioner of Income-tax is upheld and consequently the remaining grounds of appeal taken by the appellant society stand rejected.
For the aforestated reasons, we hold that AAD is a timing difference, it is not a reserve, it is not carried though profit and loss account and that it is “income received in advance” subject to adjustment in future and, therefore, clause (b) of Explanation- I to Section 115JB is not applicable. | Accordingly, the impugned ruling is set aside
The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity.
The sectors/product groups for which this relaxation is to be allowed shall be conveyed by the DGFT to all the RAs within seven months of the end of the previous financial year, and the RAs shall re-fix the annual average EO for previous year accordingly, for exporters in that sector/product group.
In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2009-2014, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE “A” and ANNEXURE “B” to this Public Notice are made.
Board hereby assigns the Show Cause Notice F.No. 856(23)LDH/2006/Pt./02-27 dated 31.12.2009 issued by the Additional Director General, DRI, Delhi Zonal Unit, New Delhi in case of M/s Regular Exports, Ludhiana and others, to the Commissioner of Central Excise (Adjudication), referred to as Commissioner of Central Excise (Adjudication)-I, New Customs House, New Delhi, for adjudication.
Reliance Communications (RCOM), India’s second-largest telecom company by subscribers, has asked the communications ministry to reject the special audit on it by Parakh & Co and alleged that the report `was issued for malafide purpose, based on uncorroborated facts and done without any discussions with it (RCOM)’. The telco has also told the Department of Telecom (DoT) that `the entire report was drafted for the purpose on sensationalising irrelevant matters’.
The government is exploring an increase in the income-tax exemption limit for individuals to compensate for the high recent inflation, but revenue considerations and the fact that the limit was hiked sharply in 2008-09 could force it to maintain status quo or give just a token hike. The proposal has figured in the preliminary discussions , as the policymakers debate ways to give some relief to households from high inflation.
