Section 12 of Income Tax Act, 1961
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ITAT Ahmedabad held that the Assessee Trust being purely a religious activities of particular Community is not entitled for registration as a specified violation under Explanation [d] of Section 12AB(4) of the Income Tax Act.
ITAT Ahmedabad held that agreement for transfer of operations, management and movable assets didn’t violated the purpose of charity and hence exemption under section 11 and 12 of the Income Tax Act duly available.
Entities advancing general public utility could engage in trade or business only if such activities were incidental to their primary charitable objectives and adhered to specific quantitative thresholds.
The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factory. Total quantity of gold was found to be 2417 grams.
CIT(E) was not justified in denying assessee’s applications for final registration u/s 12AB / final approval u/s 80G as assessee had done only charitable activities till now and not undertaken any activity contemplated by object No. 2 & 3.
Supreme Court held that the National Commission had no jurisdiction to re-write the terms of the contract entered between the banks and the credit cardholders, which the parties have mutually agreed to be bound by.
Delhi High Court held that income tax authorities cannot retain seized cash once time period for framing an assessment under section 153A of the Income Tax Act has expired and there is no outstanding demand. Accordingly, petition disposed of.
ITAT remands case to CIT(A) for review of delayed Form 10B filing by Jagadguru Shivanand Human Welfare Association. Appeals for Section 11 exemption continue.
In the matter abovementioned ITAT directed the CPC to consider the due date as extended by the CBDT for the purpose of claim of exemption under section 11 & 12 of the IT Act. Assessee, being a society, filed its ITR for AY 2018- 19 after due date on 29.10.2018 along with audit re-port. Due to which exemption u/s 11 & 12 was denied by CPC.
Telangana High Court held that sole financial creditor cannot entertain request of One Time Settlement once corporate debtor enters in Corporate Insolvency Resolution Process (CIRP). Accordingly, petition dismissed.
