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Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
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Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...
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Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
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Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
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Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
NC Notification No. 73/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2545(E) dated 6th October, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8, “Expansion of existing Udaan Institute for vocational studies”
NC Notification No. 72/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1250(E) dated 18th May, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 14, “Project “DURBAL-UTKARSH” Essential facilities for formerly
NC Notification No. 71/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1250(E) dated 18th May, 2009 issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 5, “Providing Shelter and Mobile Health Services to the BPL and Tribal
NC Notification No. 70/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2545(E) dated 6th October, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 10, “Expansion of Hospital called Shri Sai Institute of Medical
NC Notification No. 69/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 614(E) dated 18th March, 2009 issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) the Central Government had notified at serial number 2, “Residential Ashram School for SC/ST students” by Gohaldiha
NC Notification No. 68/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2033(E) dated 6th August, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 2, “A proposal for development and extension of the rural school
Subsequently vide notification dated September 1,2012 the Government modified the Terms of Reference of the Committee to include an additional item “to examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of all non-resident taxpayers”.
On perusal of records, it was found that the assessee has filed detailed objections on selection of two comparables. But the D.R.P. has not made any reference in the impugned order about the objections of the assessee. Thus, the order of the D.R.P. cannot be termed as a speaking order. The said order deserves to be set aside to file of DRP for fresh adjudication.
Facially the provision of section 12AA would suggest that there are no restrictions of the kind which the revenue is reading into in the instant case. In other words, the statute does not prevent or enjoin the Commissioner from registering a trust based only on its objects, without any activity, in the case of a newly registered Trust. The statute does not prescribe a waiting period, for a trust to qualify itself for registration.
It was for the Assessing Officer to examine whether the disallowance offered by the assessee itself was sufficient on facts and circumstances of the case, notwithstanding the view he took regarding the applicability of rule 8D. It is not expected of him to take piecemeal decisions regarding the merits of the disallowance.
