Even income taxable under section 68 eligible for exemption u/s 10(23C)(v)

1
116
Even income taxable under section 68 eligible for exemption u/s 10(23C)(v)
Even income taxable under section 68 eligible for exemption u/s 10(23C)(v)

section 68

Asstt. CIT v. Gurudatta Shikshan Sanstha in  section 68

Decision:    In assessee’s favour.

Exemption under section 10(23C)–Allowability– Deemed income under section 68

Facts:

Assessee trust claimed exemption under section 10(23C)(v). AO denied exemption in respect of certain cash credits subjected to addition under section 68.

Held:

Section 10(23C) starts with ‘any income’, therefore, as long as assessee enjoys exemption under section 10(23C)(v), even deemed income subjected to addition under section 68 would

section 68

home

FACEBOOK PAGE

1 COMMENT

  1. Another view would emerge after the amendment of section 115BBE which provides for taxation at special rate for Income taxable under section 68 & 69.

    Even though, it is exempt, it will be Taxed..

LEAVE A REPLY

Please enter your comment!
Please enter your name here