Assessment of trust
B.P. SHARMA (CA) (436 Points)
12 April 2016B.P. SHARMA (CA) (436 Points)
12 April 2016
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 12 April 2016
I think the welfare society or trust was not registered under 12AA of IT Act hence in the current scenario , I would see better to walk down to Assessing Officer with all bank statements to show the actual utilisation of funds just to convince that the pupose of such society but not intended to benefit any individual.
Its now at the mercy of AO.