Section 12 of Income Tax Act, 1961
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...
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 : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Corporate Law : The Supreme Court held that a writ petition filed decades after the finalisation of the record of rights was barred by delay and l...
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
Income Tax : ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to...
The Supreme Court examined whether shares received on amalgamation can be taxed as business income when held as stock-in-trade. It ruled that tax arises only if the substitution results in a real, commercially realizable gain, not a mere statutory replacement.
Exemption was curtailed because the auditor reported application from past accumulations. The Tribunal ruled CPC acted correctly but allowed reassessment based on corrected Form 10BB.
The Court held that electricity generated in an SEZ and supplied domestically is not an import under customs law. In the absence of a charging section, the levy was declared unconstitutional and refunds were ordered.
The Tribunal held that delays caused by internal approvals from senior officials cannot justify late filing. Lack of due diligence by officials led to outright dismissal of the appeal.
The Tribunal ruled that advisory and consultancy services could not be taxed as Fees for Included Services because no technical knowledge was transferred to clients.
The issue was whether renting out an auditorium made a theatre trust commercial in nature. The Tribunal held that such receipts did not defeat charitable status and upheld ex-emption under sections 11 and 12.
The issue was whether software development and start-up consultancy could qualify as charitable purposes. The Tribunal held that such activities are commercial in nature and do not fall under section 2(15), justifying denial of registration.
The Tribunal held that CSR contributions received with strict donor directions and refund obligations may constitute tied-up grants rather than freely available income. Such funds require factual examination before taxing them under section 11.
The tribunal held that delay in filing Form 10BB is only a procedural lapse and not a substantive bar to exemption. Where the audit report was available before processing, denial of section 11 exemption was unsustainable.
The assessee sought relief citing internal lapses and adviser dependence. The Tribunal ruled that consistent audits and filings undermined claims of ignorance. Long delays require specific, convincing justification, which was absent.
