section 11

Assessee has filed writ petition against order passed by the Director General of Income Tax (Exemptions), for denying them exemption under Section 10(23C)(vi) of the Income Tax Act, 196, on the ground that the aforesaid institute was not directly imparting education and had not employed teachers who were teaching or giving lectures to the students. Full Article

DDIT(E)-II Vs. M/s. Rock Church Ministries (ITAT Hyderabad ) The purpose of section 13(1)(c) is to deprive a religious or charitable trust from exemption if it is found that its income is used or applied, directly or indirectly, for the benefit of the specified persons. Section 13(1)(c) carves out a general exception wherein the provisions of sections 11 and 12 will not operate on account of user or application of any income of the trust for any direct or indirect benefi.. Full Article

ADIT (E) Vs International Goudiya Vedanta Trust (ITAT Delhi) - The Hon’ble Punjab & Haryana High Court in the case of CIT vs Tiny Tots Education Society (supra) has held that the income of the assessee, being exempt, the assessee was only claiming that depreciation should be reduced from the income for determining percentage of funds which had to be applied for the purposes of the Trust and as such, it could not be held that double benefit was given in allowing th.. Full Article

CIT v Market Committee, Tohona (Punjab and Haryana HC) - Whether on the facts and in the circumstances of the case, the Hon’ble ITAT is justified in allowing depreciation on the capital assets even when capital expenditure on acquisition of the corresponding assets had already been allowed as ‘application of income’ for the purpose of allowing exemption under section 11 of the income-tax Act and as such further allowing of depreciation of these capital assets will .. Full Article

Section 11 of the Special Economic Zones Act, 2005 – Development Commissioner – Rescission of all previous notifications appointing Director, Software Technology Parks of India as Development Commissioner of IT&ITES SEZs NOTIFICATION (F.5/15/2010-SEZ), DATED 20-12-2010 In exercise of the powers conferred by sub-section (1) of section 11 of the Special Economic Zones Act, 2005, the [...] Full Article

There are many complicated issues with the Arbitration and Conciliation Act, 1996 and I feel that we require certain reforms. I strongly feel that no one should be forced to submit himself to the Arbitration Mechanism unless he consents for the appointment of an Arbitrator when the disputes arises irrespective of the terms dealing with the rights of the parties to appoint an Arbitrator. Full Article

The Board of Control for Cricket in India (BCCI) may have to stump up more than Rs 500 crore in taxes, with tax authorities not in favour of granting exemption requests sought by the board for the past two tax years. The board, widely regarded as one of the richest sporting bodies on the planet, has claimed exemption of Rs 421 crore and Rs 145 crore for assessment years 2008-09 and 2009-10 , respectively, under Section 11 of the Income-Tax Act. Full Article

Format for the quarterly report on venture capital activity to be submitted by Foreign Venture Capital Investors has been revised as per enclosed Annexure. In accordance with Regulation 13 (1) of SEBI (Foreign Venture Capital Investors) Regulations, 2000, all Foreign Venture Capital Investors are directed to submit the report on venture capital activity to SEBI complete in all respects in the new format with effect from the quarter ended 31st March, 2010. Full Article