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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
ITAT Mumbai held that depreciation under section 32 of the Income Tax Act on the right to collect toll on the roads developed on BOT basis is not eligible.
ITAT Bangalore held that rejection of exemption u/s. 11 of the Income Tax Act due to non-appearance of form 10B in e-filing portal unjustified as form was already filed but was not appearing in e-filing portal. Matter remanded for fresh consideration.
In view of above facts, we restore this appeal back to the learned Assessing Officer with the direction to the assessee to substantiate the status of the assessee as trust and also eligibility of relevant provisions of Sections 11 and 12 by producing the registration u/s. 12AA of the Act.
Fees collected by the agricultural market committee for its services were not tax and was generally defined to be a charge for a special service rendered to individuals by some Governmental agency.
Consequently, the assessable value and duty must be redetermined. The goods were correctly held to be liable for confiscation under section 111(m) but were not actually confiscated nor any redemption fine was imposed.
Allahabad High Court held that in case of excess stock found at the time of survey proceedings u/s. 73/74 of GST Act should be initiated. Accordingly, initiating proceedings u/s. 130 read with rule 120 unsustainable and liable to be quashed.
ITAT Ahmedabad ruled on tax treatment for Smt. Pashiben Prajapati Trust, clarifying the application of Section 164 and deductions under Chapter VI-A.
In the instant case, assessee was a senior citizen and a medical practitioner, had his Demat accounts frozen by the National Securities Depository Limited (NSDL) under the directives of SEBI.
ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of income was below Rs. 50 Lakhs and extended period of 10 years will apply only in case of concealment of income of Rs. 50 Lakhs or more.
ITAT Delhi held that not filing of Audit Report in Form 10B alongwith the return of income is a procedural omission only and cannot be impediment in law in claiming the exemption under section 11 of the Income Tax Act.
