Find out why an Indian trust’s tax exemption and 80G registration were jeopardized over a clause allowing foreign donations, despite no funds being used abroad.
ITAT Bangalore grants a trust unconditional 15% accumulation under Section 11(1)(a), while remanding the issue of additional accumulation for fresh consideration by the AO.
TAT Mumbai holds that under Section 56(2)(viib), an assessee may adopt DCF or NAV method, and AO cannot substitute valuation with own estimate.
ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.
ITAT Delhi held that approval granted under section 151 of the Income Tax Act in mechanical manner without application of mind hence reopening of assessment based on such mechanical order is liable to be quashed.
ITAT Delhi held that revisionary order passed under section 263 of the Income Tax Act is liable to be quashed as no disallowance under section 14A of the Income Tax Act is permissible if no exempt income is earned. Accordingly, appeal allowed.
ITAT Chandigarh held that foundation of reopening of assessment under section 148 of the Income Tax Act based on wrong facts is not justifiable. Hence, reopening of assessment is liable to be quashed.
ITAT Cochin rules that a temple trust’s advance payments for an ongoing construction project constitute a valid application of funds under Section 11.
ITAT Cochin ruled that a religious trust can claim tax exemption under Sections 11 and 12 if its Section 12AA registration is granted during a pending assessment.
ITAT Cochin rules that a trust with both religious and charitable objects cannot be denied registration under Section 12A, citing a key Supreme Court precedent.
