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.
Income Tax : Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that b...
Income Tax : The Tribunal ruled that non-filing of Form 10B is a curable defect and cannot justify denial of exemption during processing. Secti...
Income Tax : The law now mandates a single exemption pathway for charitable institutions, ending the flexibility of parallel regimes. The key t...
Income Tax : ITAT Kolkata held exemption u/s 11 or 10(23C) cannot be denied at 143(1) stage for delayed Form 10B/10BB filing when reports were ...
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Income Tax : CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala S...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a fami...
Income Tax : The Tribunal ruled that corpus donations cannot be taxed merely because Section 12AA registration was granted subsequently. Once r...
Income Tax : The Mumbai ITAT held that the appellate authority failed to consider pending writ petitions and interim directions of the Bombay H...
Income Tax : The ITAT Chennai held that exemption under Section 11 cannot be denied merely because Form 10B was not filed along with the return...
Income Tax : Bombay High Court held that delay in filing Form No. 10 for claiming accumulation under Section 11(2) should be condoned where gen...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
Income Tax : NOTIFICATION NO. 03/2016 Exercise of option etc under section 11. (1) The option to be exercised in accordance with the provisions...
Income Tax : Part III of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(...
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Corporate Law : Section 11 of the Special Economic Zones Act, 2005 – Development Commissioner – Rescission of all previous notifications appoi...
The Tribunal held that amendments to Section 11 cannot retrospectively curtail the utilization window for earlier accumulations. Existing accumulations remain governed by the law in force at the time they were made.
Exemption was curtailed because the auditor reported application from past accumulations. The Tribunal ruled CPC acted correctly but allowed reassessment based on corrected Form 10BB.
The Tribunal ruled that minor delay in filing Form 10AB cannot justify rejection when law permits condonation. Commissioners must examine reasonable cause instead of dismissing applications on technical grounds.
The issue was whether delayed filing of Form 10B bars exemption for a charitable trust. The Tribunal held the delay to be procedural and sustained exemption since audit was completed and report filed during appellate proceedings.
The issue was whether exemption under Section 11 could be denied solely due to wrong data punching. The court ruled that inadvertent human errors cannot defeat a lawful exemption
Delhi High Court held that license for EOU issued by DoC i.e. Department of Commerce is not equal to industrial License to be issued by the DPIIT. Accordingly, writ petition by the bidder is dismissed.
The Tribunal clarified that revisionary jurisdiction presupposes a valid assessment order. Where Section 153C itself is time-barred, Section 263 has no application.
The trust sought exemption by invoking later registration under section 12AA. The tribunal ruled that exemption cannot be granted retrospectively through section 154 when no assessment was pending on the registration date.
Where income admitted in section 153C proceedings is accepted in assessment, penalty still requires strict compliance with section 270A. Absence of a specific misreporting charge defeats penalty levy.
ITAT Mumbai held that section 70 of the Income Tax Act allows first setting off the short term capital loss against the non STT gains taxable at thirty percent, and then applying the balance against the STT gains taxable at fifteen percent. Accordingly, appeal stands allowed.
