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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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...
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Held that the TPO had provided no reasons whatsoever for rejecting the TNMM as the most appropriate method. Thus, the Tribunal has rightly concluded that the TPO’s decision to reject TNMM as the most appropriate method was without reasons.
Patna High Court granted conditional bail to the accused involved in smuggling of foreign origin gold. Further, accused also directed to remain physically present in the given dates.
ITAT Delhi upholds CIT(E) order in ITO Vs Mehta Charitable Prajanalaya Trust, disallowing unrelated expenses and clarifying deductions under Section 80G.
ITAT Visakhapatnam held that revision u/s. 263 quashed as AO already disallowed the claim of depreciation while framing assessment and assessed income at NIL due to proper application of funds.
Assessee had been mainly providing e-platform for conducting e-auction, e-procurement services for disposal of scrap arisings, surplus stores, etc. from PSUs and Government Departments including Defence.
ITAT Chennai held that an AO is not permitted to take different stand on the same issue and same set of facts over different years. Thus, exemption u/s. 11 granted in spite of the fact that return was filed using ITR-6.
Non-disposal of application for registration u/s 12AA(2) within a period of six months would not result in deemed grant of registration as Parliament had carefully and advisedly not provided for such deeming fiction.
Assessee -cooperative marketing society limited, was subjected to revised assessments for 2008-09, 2009-10, and 2011-12. The assessments were initially deemed complete under Section 22(2) of the TNVAT Act.
ITAT Mumbai dismisses tax appeal against Old Girtonians Association due to CBDT’s revised monetary limits under Circular No. 9/2024 for appeals below ₹60 lakh.
Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on the income received from leasing its properties.
