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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