ITAT Deletes Section 41(1) Addition on Unclaimed Student Caution Money Deposits

Advertisement Sh. Chander Chinar Bada Akhara Udaseen Society Vs ITO, (Exemption) (ITAT Amritsar) The Income Tax Appellate Tribunal (ITAT), Amritsar, partly allowed the assessee trust’s appeal arising from the assessment order passed under Section 143(3) of the Income Tax Act, 1961. The assessee, a trust registered under Section 12AA and engaged in running a hospital, medical college, and nursing college, had filed its return declaring nil income while claiming exemption under Sections 11 and 12. The Assessing Officer denied the exemption for alleged violations of Sections 13(1)(c) and...