[aaykarbhavan] Sums collected by society for area development was for specific social purposes which couldn’t be held taxable

 

Sums collected by society for area development was for specific social purposes which couldn't be held taxable

June 12, 2014[2014] 45 taxmann.com 366 (Pune - Trib.)/[2014] 148 ITD 372 (Pune - Trib.)

IT: Where, assessee, a co-operative sugar factory, deducted certain amount from bills payable to members and non-members towards supply of sugarcane on account of 'Area Development Fund', in view of fact that said amount was impressed with an obligation to spend same for specified social purposes approved in AGM, it could not be brought to tax in assessee's hands as income

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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