Revenue to prove illegitimate activities of trust or deviation from its stated objects to revoke its

IT : Pre-condition to cancellation of registration under section 12AA is finding that activities of trust are not genuine or are not being carried out in accordance with objects of trust

Investment of borrowings in loss making affiliates of Sahara group by Subroto Roy held as colorable

IT: Where assessee had invested borrowed interest bearing funds in loss making companies of same group in which he had substantial interest, interest paid on such borrowed funds could not be consider as exclusively and wholly for purpose of business but was a colourable device for tax evasion

Sum incurred on issuance and postage of share certificates is not revenue exp.

IT: Expenditure incurred on account of issuance of share certificates cannot be considered as revenue expenditure

An association of regional stock exchanges to ensure secured trading and safety of funds gets trust

IT: Where main object of assessee-trust was to protect investors by way of creating a fund and fund created by assessee was a public charitable fund having been set up to advance an object of general public utility, assessee was entitled to get registration under section 12AA

Refund claim filed within time can’t be rejected solely on ground of not opting for provisional asse

Excise & Custom : A refund claim filed within time-limit prescribed under law for seeking refund of excess duty paid by assessee under self-assessment cannot be rejected on ground of not opting for provisional assessment

Employer’s contribution to Karmchari Welfare Fund allowable as business exp.

IT : Contribution made by assessee as an employer, towards Karmchari Welfare Funds falls within expression 'as required by or under any other law' for purpose of section 40A(9) and, therefore, such contribution is deductible as business expenditure