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

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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

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