Section 12 of Income Tax Act, 1961
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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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 : A summary of the tax framework governing charitable entities in India, covering the definition of 'charitable purpose,' mandatory ...
Income Tax : The Tribunal held that the special tax regime under Section 115BBE is confined to additions made under Sections 68 to 69D. Additio...
Income Tax : The ITAT held that once registration under Section 12AB was ultimately granted on the basis of the original application, the doctr...
Income Tax : The Tribunal ruled that premium rooms, higher tariffs, and specialized medical facilities cannot by themselves establish a profit ...
Income Tax : Mumbai ITAT held that an order labelled as a draft assessment order loses its character if accompanied by demand notices and penal...
Income Tax : The ITAT Delhi held that an interest-bearing loan can still be taxed as deemed dividend where all statutory conditions under Secti...
ITAT Delhi held that denial of exemption under section 11 of the Income Tax Act for delay in filing of Form 10B is not justifiable since condition of filing Form 10B is directory in nature and not mandatory. Accordingly, appeal allowed and exemption granted.
Supreme Court rejects resolution plan of JSW since Successful Resolution Applicant (JSW) did not implement the Resolution Plan for about two years since its approval by the NCLAT, though there was no legal impediment in implementing the same.
Gujarat High Court held that levy of Compensation Cess at the rate of 160% on the supply of goods i.e. branded tobacco products supplied to merchant exporters for export is kept in abeyance and the matter is referred to GST Council to decide the issue.
ITAT Ahmedabad held that amount of corpus of donations i.e. voluntary donations received by trust registered under section 12A are considered as capital receipts and hence not chargeable to Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that exemption under section 10(23C)(iiiad) of the Income Tax Act granted on the basis of provisional registration under section 10(23C)(i) of the Income Tax Act even in absence of approval u/s. 12A. Accordingly, appeal of assessee allowed.
ITAT Ahmedabad rules Section 13(1)(b) applies only during assessment, not registration, remands trust 12AB application to CIT(E).
Assessee was predominantly engaged in activities of imparting education and also involving the certain educational institutions. Assessee had filed its return of income for AY 2009-10 on disclosing nil income.
ITAT Jaipur held that trust incurring more expenditure than income doesn’t debar it from benefit of exemption u/s. 11(1)(a) of the Income Tax Act in respect of income admittedly applied for charitable purpose. Accordingly, appeal of assessee allowed.
ITAT Ahmedabad held that matter regarding rejection of registration under section 12A of the Income Tax Act remitted back to file of CIT(E) with direction to explain the fulfillment of conditions as stipulated u/s.12A(1)(ac)(vi)-Item B of the Act.
ITAT Mumbai held that income from pharmacy and chemist division cannot be treated as business income from separate and independent activity. Thus, since pharmacy is an integral part of dominant purpose of hospital benefit u/s. 11(1) duly admissible.
