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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Entities advancing general public utility could engage in trade or business only if such activities were incidental to their primary charitable objectives and adhered to specific quantitative thresholds.
ITAT Chennai set aside the order and appeal restored back to the file of AO for denovo assessment, however, cost of Rs. 5,000 imposed for non-response on the part of the assessee. Accordingly, appeal allowed.
Delhi High Court conditionally suspended Look Out Circular against the director of company involved alleged in financial impropriety based on individual’s right to travel as guaranteed under Article 21 of the Constitution of India.
The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factory. Total quantity of gold was found to be 2417 grams.
CIT(E) was not justified in denying assessee’s applications for final registration u/s 12AB / final approval u/s 80G as assessee had done only charitable activities till now and not undertaken any activity contemplated by object No. 2 & 3.
Punjab and Haryana High Court held that ITAT rightly deleted addition towards contribution to unrecognized provident fund as assessee has duly discharged its onus. Accordingly, petition disposed of.
The NFAC’s order upheld disallowance of exemption under Section 11 of Income Tax Act and was based on assessee’s delayed filing of audit report in Form 10B. ITAT referred to the precedent set by the Gujarat High Court in ACIT v. Xavier Kelvani Mandal Pvt. Ltd., which held that a belated audit report could be accepted during appellate proceedings.
ITAT Ahmedabad rules late filing of Form 10B as procedural lapse, grants Section 11 exemption for Bhavnagar Dashashrimali Meshree Vanik Gnati for AY 2019-20.
ITAT remands case to CIT(A) for review of delayed Form 10B filing by Jagadguru Shivanand Human Welfare Association. Appeals for Section 11 exemption continue.
Goods (tyres) imported by assessee was without any BIS markings being in violation of the statutory provisions were not permissible to be imported, and hence they were liable for confiscation under Section 111 of the Customs Act.
