Accumulation of Income by Society should be for Specific Purpose, Failure would attract Income Tax: Punjab and Haryana HC [Read Judgment]

The High Court of Punjab and Haryana held that the amount accumulation by the society in excess of 15% must be for a specific purpose and not for the other future aims and objects for the purpose of section 11 of the Income Tax Act, 1961. Maharaja Ranjit Singh War Museum Society, Ludhiana, is a […]

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