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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
Mumbai ITAT invalidated the assessment against Good Shepherd Church due to reopening based on incorrect grounds. Get insights from the detailed analysis of the case.
Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institutions is key to understanding taxability of income & conditions for claiming exemptions. CBDT circulars & annexures included.
Allahabad High Court affirms unmarried daughter’s right to maintenance under Domestic Violence Act, regardless of religion or age. Full text and analysis.
ITAT Chennai held that the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue, because, the issue of exemption u/s.11 of the Act, has been considered by the AO while completing assessment u/s.143(3) of the Act. Thus, order passed by the CIT(Exemptions) u/s.263 of the Act unsustainable.
Goods even if there was any remote possibility of being found prohibited or restricted at the time of adjudication was there, could not be subjected to non release in terms of Section 110A, thus, the provisional release of 26 Gold Dore weighing 5 kg plus more, subject to certain conditions.
ITAT Mumbai held that documents seized from employees cannot be considered as having any evidentiary value and cannot be considered to have trustworthiness, since no other corroborative material was brought on record to support the veracity of the same. Hence, documents seized from employees cannot be relied upon for denying exemption u/s 11.
Andhra Pradesh High Court held that the phrase ‘duty of customs’ used in Section 26(1)(a) of SEZ Act only refers to duty leviable under Customs Act, 1962 but the said phrase does not include cess under GST Compensation Act. Thus, SEZ units are not exempted from payment of compensation cess on import of coal.
Assessee-company was engaged in the manufacture of Plastic Injection Moulded Machines (PIMM) and was duly registered with the Central Excise department, having jurisdiction over the factory of such manufacture of the excisable goods.
Supreme Court observed that there is difference between “law and order” and “public order” and held that breach of law in all cases does not lead to public disorder.
This article delves into the flawed interpretation of Rule 27(1) of the SEZ Rules, 2006, and elucidates the intricate legal landscape by dissecting provisions of the Customs Act, 1962, the Customs Tariff Act, 1975, and the SEZ Act, 2005.
