Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …
Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court ABCAUS Case Law Citation:1050 (2016) (11) ITAT The Grievance:In the instant case both Revenue and the assessee were aggrieved by the order of learned …
Chairman Black Money SIT & Former SC Judges praise old note ban. Letter to Finance Minister that Govt took bold step to demonetize Rs. 500 Rs.1000 notes Ministry of Finance 11-November, 2016 The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of …
Old bank Notes-What if you do not have bank account? There are many issues along with peak credit theory which may be debated and litigated With the withdrawal of old currency notes of Rs. 500/- and Rs. 1000/- and declaring them not to be “Legal Tender”, the long …
Old bank notes now valid till 14-11-2016 for specified payments. Earlier, time limit of 72 hours ending 11-11-2016 was prescribed for using 500-1000 notes. Ministry of Finance Press Release 11-November, 2016 Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series …
Govt Departments allowed to draw cash beyond limit of 10000 on production of evidence justifying requirement at the choice of an officer in rank of GM and above. Reserve Bank of India Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes –Limit for …
