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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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 decides on Kalyan Riverside Charitable Foundation’s registration under sections 12 & 80G. Key insights on the ITAT’s decision and implications.
NCLAT Delhi held that claim of the appellant, to Interim Resolution Professional (IRP) during the process of CIRP, duly rejected as the claim was based on MOU/ agreement which were forged document.
NCLAT Chennai held that National Company Law Tribunal (NCLT) has jurisdiction to initiate insolvency proceedings of Personal Guarantors even when no Corporate Insolvency Resolution Process (CIRP) Proceedings is pending against Corporate Debtor.
Delhi High Court held that exemption under section 10(23C)(iiiac) of the Income Tax Act is available when government grant exceeds 50% of total receipts (and not total income) including voluntary contribution.
ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year.
ITAT Chandigarh held that the objective relating to plastic waste management are charitable and activities of Assessee society are genuine as provided u/s 12AA of the Income Tax Act. Accordingly, it is directed to grant registration u/s 12A to the Assessee society.
CESTAT Ahmedabad held that the transaction value declared by the importer should form the basis of assessment unless the same is rejected, for reasons set out in Rules of Customs Valuation Rules.
Karnataka High Court held that AO based on incorrect assumption treated the money collected by the trust as capitation fee under the KEI (Prohibition of Capitation Fee) Act. In absence of any violation of KEI (Prohibition of Capitation Fee) Act, exemption u/s 11 and 12 of the Income Tax Act duly available.
ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act.
CESTAT Mumbai held that section 14 of Customs Act, 1962, or any Rules framed thereunder, is not of relevance to the rough diamonds as the same are leviable to NIL duty as per the Customs Tariff Act, 1975.
