Saturday, 12 December 2015

No denial of exemption to a school as it advanced sum to sister-trust for construction of educationa

IT: Where assessee-society which was running a school, advanced an amount to its sister-trust for construction of building for educational purpose and Assessing Officer could not prove that said amount advanced was for non-charitable purpose, rejection of exemption under section 10(23C)(iiiad) was not justified

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