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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
The case examined denial of section 11 exemption at the processing stage due to late filing of Form 10B. The Tribunal ruled that such delay is a curable procedural defect and cannot justify denial of exemption.
The Tribunal held that IGST demand based on alleged breach of pre-import condition was unsustainable where export obligations were fulfilled and EODCs were issued. Acceptance of EODCs and bond cancellation closed the exemption compliance.
The ITAT held that the PCIT (Central) had no authority to cancel trust registration under Section 12AB. Jurisdiction for exemption matters lies exclusively with the Commissioner (Exemption).
BOCW and welfare cess laws could be treated as subsequent legislation under highway contracts. The Supreme Court held that unless welfare boards and machinery were actually implemented, the cess could not be imposed retrospectively on contractors.
The Tribunal ruled that exemption for charitable trusts cannot be denied merely due to belated filing of Form 10B. It reaffirmed that the requirement is directory, not mandatory, when the audit report is eventually furnished.
Payments to AwasBandhu were allowed as application of income. The Tribunal held such statutory contributions further public purposes and cannot be treated as non-business or taxable expenses.
ITAT Ahmedabad held that the assessee is entitled to the benefit of indexed cost of acquisition while computing book profit under section 115JB of the Income Tax Act. Accordingly, AO directed to recompute book profit after allowing indexation.
The Tribunal held that solar power generation under a CSR structure is not charitable when the dominant benefit accrues to a single corporate entity. The environmental activity must primarily benefit the public to qualify for Section 12AB registration.
It was held that sale consideration from trust property, when donated to charitable institutions, cannot be taxed as income. The ruling confirms protection for genuine charitable application of capital receipts.
The Supreme Court held that repeated non-disclosure of pending criminal cases in attestation and verification forms is fatal to candidature. Truthful disclosure at entry is mandatory, regardless of later acquittal or clarification.
