An 80G application cannot be rejected without considering all relevant evidence and rules. Issue Can an application for approval under Section 80G(5) of the Income-tax Act, 1961, be rejected on the ground that a trust’s objects appear to be religious or community-specific, without the authority properly considering the trust’s actual expenditure records and the specific… Read More »
An order is invalid if the AO fails to properly examine the evidence submitted. Issue Is an assessment order that makes an addition under Section 68 of the Income-tax Act, 1961, legally valid if the Assessing Officer has failed to properly examine or has arbitrarily disregarded the documentary evidence that was submitted by the taxpayer… Read More »
A notional foreign exchange gain that arises from the year-end revaluation of a loan that is on the capital account is not taxable income. Issue Is the notional gain, arising from the revaluation of a foreign currency loan given to a subsidiary, taxable as income, especially when the loan is a capital asset and not… Read More »