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 ...
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NCLT Principal bench held that scheme of Merger by Amalgamation between Maruti Suzuki India Limited and Suzuki Motors Gujarat Private Limited as proposed by the Petitioner Companies under Sections 230 to 232 of the Companies Act, 2013 is sanctioned.
ITAT Indore held that Proviso to section 12A(2) was very much available for AY 2018-19. Thus, the assessee is eligible to exemption u/s 11/12 on the basis of Proviso to section 12A(2). Accordingly, appeal is allowed.
ITAT Indore held that activity of providing hostel/mess is part of main activity of imparting education. Hence, claim of 15% of gross receipts as eligible exemption under section 11(1)(a) of the Income Tax Act justified.
Delhi High Court held that non-granting of exemption claimed under section 11 and 12 of the Income Tax Act due to delay of 16 days in filing audited report in From 10B not justified since the due to inadvertence error on the part of the auditor / tax professional.
ITAT Mumbai held that delay in filing Form 10B does not invalidate a trust’s exemption claim if the form is submitted before assessment completion and the error is rectified.
Karnataka High Court held that notification no. 2/2023- Compensation Cess (Rate) dated 31.03.2023 and 3/2023 dated 26.07.2023 directing to pay compensation cess at Maximum Retail Price [MRP] as against transaction value runs counter to the CGST Act. Accordingly, the said notifications are quashed.
Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, including rules for income accumulation, audit, and cancellation.
ITAT Pune ruled that the late filing of the Form 10B audit report is not fatal to the charitable trust exemption if filed before assessment completion. The court reversed the disallowance of application of income solely based on procedural delay.
Karnataka High Court held that issuance of reassessment notice under section 148 of the Income Tax Act after expiry of statutory period of limitation as prescribed under section 149 of the Income Tax Act is liable to be quashed. Accordingly, petition allowed.
Since the Form 10B was filed along with the return of income and within the due date of filing the return of income, the delay in filing the Form 10B could not be a ground for denial of the exemptions under Sections 11 and 12.
