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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
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.
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.
ITAT Kolkata ruled that a charitable trust’s exemption under Section 11/10(23C) cannot be denied for technical lapse of belatedly filing Form 10B/10BB. Audit report was available when return was processed.
NCLT Ahmedabad held that Corporate Debtor [Shree Ram Cottex Industries Pvt. Ltd.] is admitted into liquidation in terms of provisions of section 33(1)(b) of the Insolvency and Bankruptcy Code, 2016 in view of rejection of resolution plan u/s. 31(2) for non-compliance with statutory requirements.
