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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
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...
Corporate Law : Supreme Court upheld termination of a slum redevelopment developer for prolonged delay and reaffirmed the statutory duty and accou...
Income Tax : ITAT Mumbai set aside cancellation of Section 12AB registration, holding Section 13(1)(b) inapplicable to a trust established befo...
Income Tax : ITAT Delhi set aside cancellation of a charitable educational society’s Section 12AB registration, holding alleged financial irr...
Income Tax : Pune ITAT restored Sections 12AA/12AB registration, holding structured skill development constitutes education under Section 2(15)...
ITAT Ahmedabad reverses Aatman Foundation’s 80G approval rejection, citing inadvertent form error and judicial precedents, remanding the case for fresh consideration.
The ITAT Rajkot has overturned the rejection of Khodiyar Gau Seva’s Section 12AB registration, citing procedural errors and remanding the case for fresh review.
Orissa High Court held that delay in filing Audit Report in Form 10B due to Covid-19 pandemic condoned and since it is settled law that delay in case of genuine hardship need to be allowed.
Since the assessments were completed in the case of assesee and there was no incriminating material found during the search in the case of the assessee, the additions made under Section 153A were unsustainable.
ITAT Nagpur held that short charging of rent from the trustee cannot be reason for denial of entire claim of exemption under section 11 of the Income Tax Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
On verification of various documents, CIT(E) noted that in the trust deed it has been categorically mentioned that the trust is a private trust and is set up to impart religious education to a particular caste who accept the principle of Varnashrama Dharma.
ITAT Delhi held that provisions of section 43B of the Income Tax Act is not attracted to the licensee/assessee in respect of electricity duty. Thus, question is answered in favour of the assessee and hence appeal of revenue dismissed.
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.
