25 September 2010
In an agriculture university The foreign tour (including all expenses) is sponsored by a seed selling MNC. is it taxable under income tax/gift tax etc
27 September 2010
It is not taxable, since the benefit cannot be measured in terms of monetary worth as attributable to each person. besides the beneficiary is the university the income of which is exempt under section 10(23(c)(iiiab) or 10(23)(c)iiiad)The income cannot also be roped in for taxation under section 56(vi) as such course is open only for taxing an individual or a HUF.
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