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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Delhi High Court allows exemptions on temporary donations by one charitable trust to another. Understand the implications and full judgment of this landmark case.
Delhi High Court’s judgment clarifies that IBC proceedings don’t preclude court jurisdiction for Section 11 applications under the Arbitration and Conciliation Act.
Delhi HC mandates Central Registrar to appoint an arbitrator under Section 84 of the Multi-State Cooperative Societies Act in a dispute between Appolo Handloom and All India Handloom.
Discover ITAT Bangalore’s directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs. Raghavendra Educational for the assessment year 2016-17.
ITAT Kolkata rules in favor of Institute of Indian Foundrymen, directing AO to allow tax exemption under Section 11 of the Income Tax Act for meager profits from public utility services.
Read the detailed analysis of the CESTAT Allahabad order directing the Commissioner of Customs to return seized gold, ruling it wasn’t smuggled. Learn about the case of Commissioner of Customs (Preventive) vs. Sai Max Jewelers.
Bombay High Court grants petition, orders JCIT to provide copy of exemption certificate under Section 12A of Income Tax Act to Sai Baba Sewa Mandal.
Explore how the Bombay High Court ruled against reopening Section 143(1) assessments without valid reasons, safeguarding taxpayers’ rights. Detailed analysis and implications.
Learn why exemptions claimed under the wrong section in Income Tax Returns can be rectified under Section 154. Explore legal precedents and guidelines for taxpayers.
Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Income Tax Act, corpus donations, deductions, and audit report requirements.
