Section 1, read with sections 50 and 51 of the Black money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015-High court took a view that while exercise of powers under section 85 and 86, Central Government has made penal provision of section 50 and 51 retrospectively applicable from 1-7-2015..
Where builder developed housing project on its own risk, mere fact that at time of execution of said project, land was in name of original owner, would not be a ground to reject builder’s claim for deduction under sec.80-IB(10)
Consultancy fee paid to professional law firms abroad having no fixed base in India, was not taxable in India [Para 2]
In terms of provision of section12AA(3), even one bogus donation can establish that activities of charitable trust are not genuine and it can form a ground for cancellation of registration.
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