In the absence of new material facts, the principle of consistency applies and school’s surplus cannot be assessed separately when integrated into the parent board’s accounts.
In the absence of new material facts, the principle of consistency applies and school’s surplus cannot be assessed separately when integrated into the parent board’s accounts. Issue Whether the surplus/income of a school can be separately assessed in its hands under Section 144 of the Income-tax Act, 1961, when it claims to be part of… Read More »