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...
Ramachandra Reddy Vs DCIT: The Karnataka High Court quashes reassessment notices issued by jurisdictional AOs, holding that after the March 29, 2022 notification, all such proceedings must be conducted via the mandatory faceless regime under Section 151A.
The ITAT Bangalore bench held that the objects of Shrthiparampara Gurukulam, a trust teaching Vedas, are charitable and not religious. This ruling allows the trust to claim tax exemptions under Section 80G of the Income Tax Act, reversing the CIT(E)’s decision which had categorized the trust as religious and ineligible for approval.
CESTAT Ahmedabad held that in case of bulk liquid cargo imports measurement in tanks on shore into which such cargo is pumped from the tanker is to be considered as basis for levy of customs duty.
The Rajasthan High Court quashed an order rejecting a charitable trust’s application to condone a delay in filing an audit report (Form 10B), emphasizing that a taxpayer should not suffer due to a professional’s mistake.
CESTAT Delhi held that the DEPB scrips issued by the DGFT cannot be held ab initio null and void by the DRI or any other Customs Officers. Accordingly, confirmation of the demand under section 125(2) of the Customs Act, 1962 in the impugned order is without any authority of law.
After completion of the process, a Resolution Plan was submitted by the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the plan with the requisite majority under Section 30(4) of the Insolvency and Bankruptcy Code, 2016.
Assessee’s remedy lied in recovering the amounts wrongly disbursed through the liquidation process, with the liquidator assisting in such recovery. Upon full satisfaction of the 1st Respondent’s dues, the attachment should stand vacated.
CESTAT Mumbai held that mis-classification/ mis-declaration of goods merely on the basis of statement of importer not justifiable as department failed to discharged burden of proof with proper evidence. Accordingly, appeal allowed in favour of appellant.
The ITAT has remanded a trust’s application for regular registration after the CIT(E) rejected it as premature. The tribunal ruled the law doesn’t bar early applications and cited a previous judgment.
The Bombay High Court has set aside an order by the PCIT, condoning a 24-day delay in filing Form 10B for Mirae Asset Foundation and restoring its Section 11 tax exemption.
