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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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.
The fiction created by Section 11 of the Acquisition Act, does not imply that the assessee bank would also become a company for the purpose of the Companies Act for which Clause (b) of Sub-Section 2 of Section 115JB is applicable.
ITAT Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to the main payment and not a penalty and accordingly allowable as deduction.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
NCLAT Chennai held that appellant having knowledge of the proceedings fall within the purview of the term ‘Person Aggrieved’ u/s. 61(1) hence cannot be exempt from applying for certified copy within prescribed time.
Bombay High Court in the case of Shree Sai Baba Sansthan Trust held that anonymous donation received by religious and charitable trust is entitled to benefit of an exemption from tax under section 115BBC(2b) of the Income Tax Act.
