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...
The issue involved denial of exemption for failure to attach audited accounts with Form 10B. The Tribunal held such lapse to be procedural and directed reconsideration, emphasizing that substantive compliance cannot be denied for technical defects.
Madras High Court held that capital profit on the sale of the Fixed Assets of the Company cannot be taken directly to the Reserves & Surplus in the Balance Sheet and the same has to be routed through the Profit & Loss Account to arrive at the correct book profits u/s. 115JB of the Income Tax Act. Accordingly, the appeal stands dismissed.
Since most salary payments were accepted, the remaining disallowance was held unjustified. Key takeaway: partial acceptance weakens arbitrary additions.
ITAT Bangalore rules skill development qualifies as education, allowing Sec 11 exemption to charitable trust. Rejects commercial activity view, follows Karnataka HC, and grants full tax relief.
ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that dealings with third parties break mutuality protection.
The issue involved wrong filing of Form 10BB instead of 10B. The tribunal held that correction before processing cures the defect. This ensures that genuine claims are not denied on technical grounds.
ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers taxation even without actual rental income.
CESTAT Chennai held that clearance of personal computers from Special Economic Zone [SEZ] to Domestic Tariff Area [DTA] cannot be automatically classified as imported for personal use under CTH 9804 90 00 without discharging burden of proof. Accordingly, classification based on assumption set aside and appeal is allowed.
The Tribunal held that reporting income in the wrong schedule does not amount to concealment. It ruled that tax cannot be levied when income is already disclosed, even if incorrectly classified.
When an entity served both its members and the public, the dominant object test applies. If the regulatory functions lead to borrower protection and financial stability for low-income groups, the GPU status was maintainable.
