Income received from a charitable/religious trust will be tax-exempt under Section 11, provided that the activity being performed is incidental to the attainment of objectives set by the trust/institution, and separate books of account are maintained by the particular trust/institution pertaining to the business. In this article, we look at some of the major exemptions provided under Section 11 of the Income Tax Act.
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Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Pune rules that the tax department cannot deny exemption under Section 11 for non-filing of the original 12A certificate when...
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The bench stated that Tribunal after concluding that the BCCI’s Appeal before it “was not maintainable”, exceeded its jurisdiction in recording the above observations virtually upholding the impugned communication/order.
ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordingly, appeal of the assessee allowed.
ITAT Pune rules that the tax department cannot deny exemption under Section 11 for non-filing of the original 12A certificate when it is the custodian of such records.
M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune has overturned the order of the Principal Commissioner of Income Tax (PCIT), which had canceled the registration of M.M. Patel Public Charitable Trust under Sections 12A and 12AB of the Income Tax Act, 1961. The […]
Supreme Court reaffirms that charitable trust registration under Section 12AA of the Income Tax Act should be based on proposed activities, not actual activities at the time of application.
ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the assessee is not sustainable being without jurisdiction. Accordingly, reassessment notice u/s. 148 set aside.
SC dismisses IT Dept’s plea on excess expenditure set-off by trusts under Section 11 of the Income Tax Act in Subros Educational Society case.
Madras HC quashes tax demand against Pavai Varam Trust, ruling that returns were filed within extended deadlines under COVID-19 relaxations.
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue.
