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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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 : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Corporate Law : The Supreme Court held that a writ petition filed decades after the finalisation of the record of rights was barred by delay and l...
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
Income Tax : ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to...
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.
CESTAT Chennai held that duty demand due to non-fulfilment of export obligation justified as department empower to recover escaped duty when post importation conditions are not fulfilled. Accordingly, appeal dismissed.
CESTAT Bangalore held that the quantity of crude oil actually received into a shore tank in a port in India should be the basis for payment of customs duty. Thus, customs duty needs to be calculated based on crude oil received in shore tank.
The assessee-company incorporated u/s 8 of the Companies Act, 2013 claiming to be for charitable purpose, applied to CPC for grant of provisional registration u/s 12AB and provisional approval u/s 80G, which were granted by CPC.
Directions are given by the Hon’ble Supreme Court right from Visakato Aureliano Fernandez Vs. State of Goa and others in respect of the strict implementation of the provisions of PoSH Act.
Supreme Court held that Rajasthan High Court not justified in dismissing the appeal by considering matter under section 10(20) since it was the case of section 11 and 12 of Income Tax Act. Accordingly, order set aside and remanded back for fresh consideration.
