Section 12 of Income Tax Act, 1961
Income Tax : The Finance Bill 2025 introduces amendments for trust registration, extending validity to 10 years for certain trusts and clarifyi...
Income Tax : ITAT Delhi upholds CIT(E) order in ITO Vs Mehta Charitable Prajanalaya Trust, disallowing unrelated expenses and clarifying deduct...
Income Tax : AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and...
Income Tax : Understand the income of trusts or institutions, including registration, exemptions, and FAQs. Learn about Sections 12A, 12AA, and...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
Income Tax : The bench stated that Tribunal after concluding that the BCCI's Appeal before it “was not maintainable”, exceeded its jurisdic...
Corporate Law : NCLAT Delhi held that any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take r...
Income Tax : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
Income Tax : ITAT Mumbai remands Rotary Charity Trust’s 80G approval case due to an inadvertent section error in Form 10AB. Matter sent back ...
ITAT Chennai held that corpus donations received by the Trust is income of the Trust when the Trust is not entitled for the exemption under section 11 of the Income Tax Act.
ITAT Mumbai held that merely because an assessee is registered u/s 80G of the Act will not automatically mean that such Trust cannot have any religious purpose and therefore cannot avail benefit of Section 115BBC(2)(b) of the Income Tax Act.
Penalty under Rule 26 was justified on the proof that there were sufficient evidences adduced to allege clandestine removal and appellant had in his statement recorded under section 14 while giving the details of working of the unit had admitted that he was actively involved in the working of the unit.
ITAT Delhi rules addition u/s 69A for excess jewelry during a search operation unsustainable as the assessee belonged to a wealthy family and received jewelry on occasions
CESTAT Kolkata held that 100% EOU for clearance in DTA is entitled for benefit of notification no. 2/2008-CE dated 01.03.2006 for clearance of Linear Alkyl Benzene Sulphuric Acid and notification no. 4/2006-CE dated 01.03.2006 for clearance of Spent Sulphuric Acid.
In a Delhi High Court ruling, it is clarified that no stamp duty is payable on instruments executed by or on behalf of the government. This decision is significant for arbitration cases.
CESTAT Kolkata held that 100% EOU unit clearing Spent Sulphuric Acid to fertilizer companies is entitled to take benefit of notification no. 4/2006-CE dated 01.03.2006.
CESTAT Kolkata held that when the Basic Customs Duty (BCD) is Nil Social Welfare Surcharge (SWS), being computed at the rate of 10% of BCD, will also be Nil
Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions.
Madras High Court held that the arriving at taxable turnover arbitrarily without giving particulars of the value of the goods and value of the services untenable under Tamil Nadu Value Added Tax Act (TNVAT Act).
