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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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 : Chennai ITAT restored Section 12AA registration, holding uncorroborated capitation fee allegations alone cannot justify cancellati...
Income Tax : ITAT Delhi deleted Section 11 disallowance and allowed exemption claims, holding denial under Section 13 is restricted to the exte...
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...
Karnataka HC Suspends Recovery in Rajya Vokkaligara Sangha Vs CIT (Exemptions) Due to Cryptic Stay Order assigning absolutely no reasons
ITAT Amritsar held that corpus donation received by trust not holding the registration u/s 12AA is not taxable provided the same is verified. Accordingly, matter remitted back to AO for verification of corpus donation.
Supreme Court held that User Development Fee (UDF) is in the form of ‘tax or cess’ collected for financing the cost of future projects and is not a consideration for services provided by the assessee to the customer, visitors, passengers, vendors etc.
CESTAT Mumbai held that rejecting exemption benefit and duty demand u/s 28 of Customs Act, 1962 by reassessing ‘cameras’ under general and residual description i.e. ‘others’ under 8525 8090 instead of declared specified classification i.e. 8525 8020 is unjustified.
Delhi High Court held that filing of multiple patent claims in respect of the same invention amounts to evergreening or layering of patent protection, which is impermissible under the Indian Patent Law.
Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions, and tax implications for trusts and associations of persons (AOPs).
ITAT Delhi concluded that grants were given specifically for participation in a particular event held in abroad grant was utilized as per terms and conditions and it was not free for the assessee to use the funds voluntarily. Accordingly approval of CBDT under sections 11(1)(c) of the Act not required.
Advancement of any other object of general public utility would continue to be a charitable purpose, if the activity in the nature of trade, commerce, or business is undertaken in the course of actual carrying out of such advancement of any other object of general public utility and the aggregate receipts from any activity in the nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business does not exceed 20% of the total receipts of the trust or institution undertaking such activities, for the previous year.
Ahmedabad ITAT dismisses Ambica Trust’s appeal as it failed to electronically file Form 10B for exemptions under sections 11 and 12 of the Income Tax Act.
When the assessee’s main dominant and prime objective was to promote the sports was not desire to earn profits but, object of promoting sports for Nation, it was clearly a charitable purpose. Assessee was entitled for exemption under section 11.
