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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
Corporate Law : Calcutta HC appointed an arbitrator under Section 11(6), holding disputes under the development agreement should be decided by the...
Income Tax : ITAT Ahmedabad upheld the denial of Section 12AB registration to a trust created after 1 April 2021, holding that its objects were...
Income Tax : Chennai ITAT restored Section 12AA registration, holding uncorroborated capitation fee allegations alone cannot justify cancellati...
Income Tax : ITAT Delhi deleted Section 11 disallowance and allowed exemption claims, holding denial under Section 13 is restricted to the exte...
Income Tax : Hyderabad ITAT held that a trust's net income, not gross receipts, should be taxed where Section 11 exemption is unavailable and r...
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.
ITAT Ahmedabad application for registration of trust under section 12AB of the Income Tax Act since object of the applicant is not working for benefit of general public at large but is working for specific section of society. Accordingly, appeal of assessee dismissed.
An analysis of GST treatment on post-supply price revisions for exports with IGST payments. Learn about debit and credit notes, interest implications, and refund procedures.
Court held that Sh. Sanjay Bhandari is a fugitive economic offender under section 12(1) of Fugitive Economic Offenders Act, 2018 as DOE has met all the requirements as per section 2(f) read with section 2(m) and 4 of the Fugitive Economic Offenders Act, 2018 are met.
ITAT Bangalore held that benefit of exemptions under section 11 and 12 of the Income Tax Act cannot be granted without valid registration u/s. 12A/12AA. Accordingly, exemptions u/s. 11 and 12 denied in absence of valid registration under Income Tax Act.
