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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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.
In the matter abovementioned ITAT directed the CPC to consider the due date as extended by the CBDT for the purpose of claim of exemption under section 11 & 12 of the IT Act. Assessee, being a society, filed its ITR for AY 2018- 19 after due date on 29.10.2018 along with audit re-port. Due to which exemption u/s 11 & 12 was denied by CPC.
NCLT Kolkata held that a secured creditor having possession over the assets of the corporate debtor does not lose its rights to file an application under Section 7 of the Insolvency and Bankruptcy Code.
ITAT Bangalore held that non-granting of accumulation of income under section 11(2) due to delay in filing Form 10 not justified since delay was condoned by appropriate authority. Accordingly, appeal allowed in favour of assessee.
The Customs officials intercepted and seized the truck in Muzaffarpur, State of Bihar. The vehicle was taken to the Customs office and the vehicle and Areca Nut goods were seized in the Customs office.
The matter was remanded back to AO to review the non-taxability of interest from Fixed Deposit Receipts (FDRs) as part of the Corpus Fund under Section 11(1)(d) and and the decision of CIT(E) in respect of the condonation application in filing Form 10B belatedly.
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.
