Daily Archives: January 29, 2016

Compensation for loss of source of Income is Capital Receipt

By | January 29, 2016
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Held It was further observed in Khanna & Annadhanam (supra) as under: “The arrangement with DHS was in vogue for a fairly long period of time (13 years) and had acquired a kind of permanency as a source of income. When that source was unexpectedly terminated, it amounted to the impairment of the profit-making structure… Read More »

Publishing of newspaper is not charitable activity,Not exempt

By | January 29, 2016
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Held Publishing of newspaper is a commercial line which cannot be considered as charitable activity, so as to grant exemption u/s.11 of the Act. Accordingly, we are in agreement with the lower authorities and we deny the exemption u/s.11 of the Act. IN THE ITAT CHENNAI BENCH ‘A’ Murasoli Trust v. Assistant Director of Income-tax… Read More »