Activity of running school buses to facilitate transportation of students and staff, whether a commercial activity so as to result in denial of exemption u/s 11?
Method of valuation of stock consistently followed by assessee and accepted by AO in preceding years, cannot be changed by AO without any substantial reason: Jaipur ITAT
For section 50C, AO should refer capital asset to DVO for valuation even if not prayed for: Mumbai ITAT
Section 43B does not contemplate liability to pay service tax before actual receipt of the funds in the account of the Assessee
Exemption otherwise available to charitable trust u/s 11 can be denied to extent of its diverted income as per Sec 13 and not entire income:Bombay HC
Motor boat used in commutation for business purposes is a business asset entitled for depreciation: Mumbai ITAT
No denial of exemption just because educational institution collected part of fees in Foreign exchange abroad