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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Before ITAT, it was submitted that it is impossible for the assessee to mention new registration number in ITR-7 as it was filed on 13.03.2022 and the same was obtained on 04.04.2022 after filing of ITR-7.
In the matter abovementioned ITAT referred to the AO to examine the allowability of the claim u/s 11 of the Act in view of the decision of the Hon’ble Apex Court in the decision of ACIT Vs. Ahmedabad Urban Development Authority, (2022) 449 ITR 1 (SC).
Bombay High Court held that reopening of assessment u/s. 147 in absence of any fresh material, based on material already available during assessment proceedings, tantamount to mere change of opinion and the same is not permissible in law.
In this regard, the petitioner was guided by Central Board of Direct Taxes (“ CBDT” for short) Circular No. 7 of 2018, dated 20 December 2018 for the A.Y. 2016-2017 issued under Section 119(2)(b) of the IT Act.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
In the matter abovementioned Hon’ble Madras HC denied to grant any relief to the petitioner by holding that ITAT is the ultimate fact finding body and findings of facts of the Tribunal cannot be interfered under Section 260A of IT Act.
The present appeal is filed by the assessee against the denial of registration under section 12AB of the Income Tax Act vide the order passed by the Commissioner of Income Tax (Exemption), Ahmedabad.
Two numbers of Writ Petitions were filed by the importer before the Hon’ble High Court of Rajasthan, challenging various notifications issued by the Directorate General of Foreign Trade (‘DGFT’).
The assessee-company incorporated u/s 8 of the Companies Act, 2013 claiming to be for charitable purpose, applied to CPC for grant of provisional registration u/s 12AB and provisional approval u/s 80G, which were granted by CPC.
Directions are given by the Hon’ble Supreme Court right from Visakato Aureliano Fernandez Vs. State of Goa and others in respect of the strict implementation of the provisions of PoSH Act.
