Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects is proper application of income for charitable purpose
Merely because a debt has not been repaid for over 3 years would not automatically imply cessation of liability. Limitation period may not be relevant for taxation under the IncomeTax Act.
Demonetization special: Validity of submission that high denomination notes were savings from his personal allowance,
Demonetization special: Addition upheld as the conduct of the assessee was wholly non-cooperative before the AO
Where having regard to human probabilities and normal course of human conduct, explanation furnished by assessee as regards cash deposits in his bank account was not wholesome and verifiable, AO was justified in making addition under section 68
Demonetization special cases: Assessee is not required to prove the source of receipt of high denomination notes
When assessee has failed to prove the creditworthiness of the cash deposits (Capital) in the partnership firm, same is liable to be treated as unexplained capital u/s 68.
Directing the AO to decide the issue afresh i.e., for making rowing enquiry is not permissible u/s.263
Interesting case wherein it is held that “CIT(A) decided the case against the assessee based on its own personal opinion without any material available on record thus the finding rendered by the CIT(A) is perverse”
