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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Held that the deposits made by the assessee were in the nature of fixed deposit investments. Therefore, the loss suffered by the assessee when the bank went to liquidation is only a capital loss.
New Application for Condonation of Delay in Filing Forms 9A, 10, 10B, and 10BB Post 18th November 2024 as per Circular No. 16/2024-Income Tax In certain instances, due to unforeseen circumstances, the assessee or auditor may file the audit report for the trust in Forms 9A, 10, 10B, or 10BB after the due date. As […]
ITAT Ahmedabad held that registration to trust under section 12AB of the Income Tax Act granted since assessee demonstrated that exemption under section 11 of the Income Tax Act is not claimed. Accordingly, appeal allowed.
NCLAT Delhi held that initiation of proceedings u/s. 13 sub-section (2) and (4) of SARFAESI Act by the creditor prior to filing of Section 10 application, cannot be a ground to hold that Section 10 application is filed with malicious and fraudulent intent.
CESTAT Delhi held that declared price is price for delivery at the time and place of importation unless contrary proved by department. Since onus not discharged, the declared price remains unimpeached.
ITAT Delhi dismissed Revenue’s appeal in the case of Mehta Charitable Prajanalaya Trust, addressing issues related to charitable income and expense claims.
The appellants had filed a refund claim with Assistant Commissioner of Customs (CRS), Visakhapatnam for Rs.5,03,984/- on 10.08.2023. The said refund claim was that the appellant had paid the Duty twice due to ‘ICEGATE error’.
Delhi High Court observed that once the DGFT had proceeded to issue the MEIS scrip to the writ petitioners, they would have been justified in assuming that the issue of classification was neither questioned nor doubted.
There is nothing which would indicate that the petitioner had received any consideration from the Government, the KIIFB or the General Education Department as consideration for the supply of goods or services.
ITAT Ahmedabad held that exemption u/s. 11(1)(2) and 11(1)(a) of the Income Tax Act duly admissible to Rajkot Urban Development Authority (RUDA) since the activities were not commercial in nature.
