If the assessee makes investments or deposits in the scheduled ...

Income Tax

September 26, 2016

If the assessee makes investments or deposits in the scheduled bank and claims the deposits as accumulated for the purpose of section 11(1)(a) or 11(2), the investment or deposit cannot be disallowed only for the reason that application of money was not for the object of the society. - AT

View Source

← Previous Next →

If the assessee makes investments or deposits in the scheduled ...

Income Tax

September 26, 2016

You may also like:

Exemption u/s 11 - Accumulation of income - The money referred in Clause (b) (ii) is one accumulated or set apart. Meaning thereby that even if 85% of the income...

Exemption u/s 11(1)(a) and Section 11(2) for Deemed income u/s 11(3) - Assessee would be allowed to accumulate the income if there is “real income” which is in...

Accumulation of income - The provisions of sec. 11(2)(a) talks about “income”, where as the provisions of sec. 11(2)(b) talks about the “money” so accumulated -...

Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

Rectification u/s 154 - Exemption u/s 11(2) - Accumulation of income - The Appellate Tribunal found merit in the appellant's contention regarding the amount to be...

Deduction claimed u/sec. 80P(2)(a)(i) - interest income from the investments made in co-operative/scheduled bank(s) - The Tribunal observed that despite the insertion of...

Deduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - The Hon’ble Apex Court categorically stated that the...

Accumulation of income - Disallowance of claim made u/s 11(2) - AO disallowed the claim of accumulation u/s 11(2) of the Act on the ground that in the resolution passed...

Addition u/s 68 - cash credit - the alleged surplus cash accumulated in the cash book out of the withdrawals from the bank is to be considered as source of re-deposit - AT

Charitable purpose - assessee has claimed only exemption u/s 10(21) - Order of CIT(A) allowing exemption u/s 11(1) set aside - matter restored before CIT(A) - AT

Quick Updates: