Section 12 of Income Tax Act, 1961
Income Tax : Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, incl...
Income Tax : A summary of the tax framework governing charitable entities in India, covering the definition of 'charitable purpose,' mandatory ...
Income Tax : Does the Finance Act, 2025, extend 12AB registration from 5 to 10 years for trusts under Rs. 5 Cr? See if sma...
Goods and Services Tax : An analysis of GST treatment on post-supply price revisions for exports with IGST payments. Learn about debit and credit notes, in...
Income Tax : The Finance Bill 2025 introduces amendments for trust registration, extending validity to 10 years for certain trusts and clarifyi...
Income Tax : ITAT Hyderabad held that cancellation of registration granted to appellant-society u/s. 12AA of the Income Tax Act not justifiable...
Corporate Law : Jammu Kashmir High Court held that licensing requirement under Jammu and Kashmir Brick Kiln (Regulation) Act, 2010 read with rule ...
Company Law : NCLT Principal bench held that scheme of Merger by Amalgamation between Maruti Suzuki India Limited and Suzuki Motors Gujarat Priv...
Income Tax : ITAT Indore held that Proviso to section 12A(2) was very much available for AY 2018-19. Thus, the assessee is eligible to exempti...
Income Tax : ITAT Indore held that activity of providing hostel/mess is part of main activity of imparting education. Hence, claim of 15% of gr...
Both return and Form 10B were filed within extended due date (31.10.2018). Thus, substantive compliance was achieved. Filing of audit report after the return but before expiry of due date could not be construed as fatal non-compliance.
Ramachandra Reddy Vs DCIT: The Karnataka High Court quashes reassessment notices issued by jurisdictional AOs, holding that after the March 29, 2022 notification, all such proceedings must be conducted via the mandatory faceless regime under Section 151A.
The ITAT Bangalore bench held that the objects of Shrthiparampara Gurukulam, a trust teaching Vedas, are charitable and not religious. This ruling allows the trust to claim tax exemptions under Section 80G of the Income Tax Act, reversing the CIT(E)’s decision which had categorized the trust as religious and ineligible for approval.
CESTAT Ahmedabad held that in case of bulk liquid cargo imports measurement in tanks on shore into which such cargo is pumped from the tanker is to be considered as basis for levy of customs duty.
The Rajasthan High Court quashed an order rejecting a charitable trust’s application to condone a delay in filing an audit report (Form 10B), emphasizing that a taxpayer should not suffer due to a professional’s mistake.
CESTAT Delhi held that the DEPB scrips issued by the DGFT cannot be held ab initio null and void by the DRI or any other Customs Officers. Accordingly, confirmation of the demand under section 125(2) of the Customs Act, 1962 in the impugned order is without any authority of law.
After completion of the process, a Resolution Plan was submitted by the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the plan with the requisite majority under Section 30(4) of the Insolvency and Bankruptcy Code, 2016.
Assessee’s remedy lied in recovering the amounts wrongly disbursed through the liquidation process, with the liquidator assisting in such recovery. Upon full satisfaction of the 1st Respondent’s dues, the attachment should stand vacated.
CESTAT Mumbai held that mis-classification/ mis-declaration of goods merely on the basis of statement of importer not justifiable as department failed to discharged burden of proof with proper evidence. Accordingly, appeal allowed in favour of appellant.
The ITAT has remanded a trust’s application for regular registration after the CIT(E) rejected it as premature. The tribunal ruled the law doesn’t bar early applications and cited a previous judgment.
