ITAT Surat allows Swaminarayan Gadi Trust to rectify errors in its tax exemption applications under Sections 12A/12AB and 80G(5) of the Income Tax Act.
The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants.
During the course of search and seizure operation, several incriminating documents related to the assessee were found and seized from the residential premises of Shri Prashant Bongirwar.
ITAT Nagpur directs AO to reconsider revised Form 9A in Deendayal Seva Pratishthan’s case, impacting taxable income assessment for AY 2020-21.
ITAT Bangalore held that the assesse is entitled to claim deduction u/s. 54 of the Act if the assesses able to establish the fact that the construction was commenced within the period prescribed of 3 years under the Income Tax Act.
ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credited in the hands of assessee. Accordingly, assessee cannot be deprived from the credit of TCS. Thus, appeal allowed.
ITAT Raipur held that exemption under section 54B of the Income Tax Act is allowable since pre-condition regarding usage of land for agricultural purposes in two years immediately preceding date of transfer is satisfied. Accordingly, appeal allowed.
ITAT Pune held that denial of exemption under section 10(23C) of the Income Tax Act for bonafide mistake of filing ITR-5 instead of correct ITR-7 not justifiable since the same is just a procedural technical mistake.
ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under section 115BBC(2) and hence anonymous donations received is not liable to be taxed under section 115BBC of the Income Tax Act.
ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development work by entering into a contract with the Government. Accordingly, appeal allowed.
