Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Sum collected from students for development of school building not taxable if same was kept in separate a/c

Annual development fees collected by assessee-society from students for development of school building and purchase of capital assets and kept in separate account solely for said purpose, could not be treated as income or revenue receipt for purpose of section 11

INCOME TAX : Prior to 1-4-2015 depreciation would be allowed on assets purchased, even if expenditure incurred by assessee-society for acquisition of such assets was treated as application of income for charitable purposes

Refer:[2020] 115 taxmann.com 152 (Kolkata - Trib.)

Share This!



No comments:

Post a comment