Section 12 of Income Tax Act, 1961
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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.
Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered without being too hyper technical and in a judicious manner.
Assessee was a non-profit organization registered under Section 25 and was approved U/s.10(23C)(iv). The main activity of the council was to promote exports of leather industries.
AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and tax on anonymous donations.
Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing on the issues such as investment in immovable property and share capital/other capital.
Allahabad High Court held Deputy Commissioner of Income Tax guilty under section 12 of the Contempt of Courts Act, 1971 and imposed fine of Rs. 25,000 along with simple imprisonment for a period of one week.
