Section 12 of Income Tax Act, 1961
Income Tax : Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that b...
Income Tax : Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, incl...
Income Tax : A summary of the tax framework governing charitable entities in India, covering the definition of 'charitable purpose,' mandatory ...
Income Tax : Does the Finance Act, 2025, extend 12AB registration from 5 to 10 years for trusts under Rs. 5 Cr? See if sma...
Goods and Services Tax : An analysis of GST treatment on post-supply price revisions for exports with IGST payments. Learn about debit and credit notes, in...
Income Tax : The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a fami...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : PCIT had erroneously mixed up the scope of renewal proceedings with cancellation proceedings under Section 12AB(4). Further, Settl...
Custom Duty : For export transactions occurring before the Finance Act, 2022 amendment, the determination of iron ore fines (Fe content) must be...
Income Tax : Mumbai ITAT held that no further profits can be attributed to a DAPE once the Indian agent is remunerated at arm’s length for al...
The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a family member. The registration dispute was thereafter heard on merits.
The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified as deductible revenue expenditure. The ruling clarified that such grants were not mere application of income.
PCIT had erroneously mixed up the scope of renewal proceedings with cancellation proceedings under Section 12AB(4). Further, Settlement Commission itself had accepted the charitable nature and genuineness of the assessee’s activities and PCIT (Central) was found to lack jurisdiction to adjudicate the issue of renewal/cancellation of registration.
For export transactions occurring before the Finance Act, 2022 amendment, the determination of iron ore fines (Fe content) must be done on a Wet Metric Tonne (WMT) basis, rejecting the Dry Metric Tonne (DMT) method adopted by the Adjudicating Authority.
Mumbai ITAT held that no further profits can be attributed to a DAPE once the Indian agent is remunerated at arm’s length for all FAR functions. The Tribunal rejected the Revenue’s “double profit attribution” theory and deleted the enhanced PE addition.
The Tribunal held that prior to the 2023 amendment, returns filed within the broader time under Section 139 were eligible for exemption. It ruled that updated returns could not be denied benefits retrospectively.
The Court examined whether ITC can be denied when the supplier fails to deposit tax. It upheld the provision, ruling that ITC depends on actual tax payment to the Government. The key takeaway is that purchaser compliance alone is insufficient without supplier tax remittance.
The case examined whether property registered in trustees’ names violated Section 13(1)(c). The Tribunal held no violation as no benefit accrued to trustees, allowing exemption under Section 11.
The court examined whether delay in Form 10B filing could be condoned but found the authority rejected it on unrelated grounds. It held that such rejection beyond the scope of Section 119(2)(b) was invalid and remanded the matter.
The Court held that procedural delay in filing Form 10B should not result in denial of exemption. It emphasized that substantive benefits under Sections 11 and 12 must be granted where eligibility exists.
