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Feb 13, 2024 Circulars & Notifications Attachment Link
Non-maintenance of separate books of account in respect of the business, which is incidental to the attainment of its objectives is considered as Specified Violation
Under Explanation to Sec 12 AB (4), clauses (a) to (g) of Income Tax Act, a number of events are stated which would be considered as ‘Specified Violation’.
- One of the event is when Trust has earned profits and gains from business, which is is not-incidental to the attainment of its objectives, or
- when the Trust does not maintain separate books of account in respect of the business, which is incidental to the attainment of its objectives. [Clause (b)]