banner_ad

Regarding Trust Notice

This query is : Resolved 
Profile Image

Profile Image

(Querist)
11 October 2019 Dear Experts,

A 12A Register trust received notice from income Tax Department for the FY 17-18 with disallowed the deduction following

(I) AMOUNT APPLIED DURING THE PREVIOUS YEAR - REVENUE ACCOUNT (24 OF SCHEDULE ER)

(ii) AMOUNT APPLIED DURING THE PREVIOUS YEAR–CAPITAL ACCOUNT [EXCLUDING APPLICATION FROM BORROWED FUNDS] (8A OF SCHEDULE EC)

which we have claimed for the Deduction for utilization for the Trust activity and assets but the ITD disallowed and issued notice to the Trust with demand.

The Trust rectified u/s154 but the same demand is still in 154 order passed by ITD.

Now my question is what to do next against 154 Order and any way to rectify again in Online Website.

Thanks & regards
Profile Image

Soumitra Basu

Profile Image

Soumitra Basu (Expert)
12 October 2019 You have to get the information why the disallowed was made for Expenses. However since the expenses was made from Borrowed Fund, you have no right to claim that expenses. Since this is the excess expenses in relation to income, you will be entitle for deduction in the following year.
Profile Image

Raj Chitroda

Profile Image

Raj Chitroda (Querist)
13 October 2019 Thanks for your reply
Profile Image

Aashok Kumar Sharma

Profile Image

Aashok Kumar Sharma (Expert)
04 June 2020 Please do mail me at ashakantasharma@gmail.com with all the details for complete analysis of the same.
Profile Image

Raj Chitroda

Profile Image

Raj Chitroda (Querist)
04 June 2020 Thanks for ur reply to Asha Kanta Sharma
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details