Income Tax : The new Income Tax Rules, 2026 permit reapplication within one month of rejection. This provides a faster alternative to appeals a...
Income Tax : Authorities now scrutinize NGO financial statements before granting or renewing registration. Proper documentation and clear chari...
Income Tax : Expanded grounds for cancellation now include legal non-compliance and incorrect disclosures. Trusts must treat accuracy and gover...
Income Tax : Objects benefiting specific communities or allowing overseas application of funds invite rejection. The ruling focus is on deed la...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Authorities cannot insist on adding an irrevocable clause in trust deeds for Section 12A renewal when the trust is otherwise legal...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
CA, CS, CMA : A Chartered Accountants' association requests an extension for tax audit and 12A renewal due dates, citing portal issues, festive ...
Income Tax : The Chartered Accountants Association requests tax deadline extensions for TAR, ITR, and 12A renewals, citing severe floods in nor...
Income Tax : Learn about the rationalisation of provisions for charitable trusts and institutions under the Income-tax Act, merging two regimes...
Income Tax : The Tribunal held that applications were rejected without adequate opportunity. The matter was remanded for fresh adjudication fol...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
Income Tax : The Tribunal ruled that failure to obtain prior approval for loans is only a procedural lapse. It directed reconsideration of 12A ...
Income Tax : The ruling held that incomplete documentation or minor deficiencies cannot be sole grounds for denial of registration. It emphasiz...
Income Tax : ITAT Mumbai held that rejection of registration under section 12AB of the Income Tax Act treating receipts and income from sale of...
Income Tax : The Income Tax Amendment Rules, effective October 1, 2024, revise Form No. 10A and 10AB for registration under sections 12A and 80...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of th...
Income Tax : CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable instituti...
ITAT Mumbai restored a trust’s 12A registration application after it was rejected for a 29-month delay, citing trustee’s illness as a reasonable cause for lapse.
The ITAT Ahmedabad bench has set aside an order by the CIT(E) that denied 80G approval to a charitable trust, ruling that the matter requires fresh examination.
Srijan Charitable Trust Vs ITO (Exemption) (ITAT Kolkata) Background Srijan Charitable Trust, registered u/s 12A, filed return of income for AY 2011-12 declaring nil income. The case was reopened u/s 147 based on a survey u/s 133A (27.01.2015) in the case of Herbicure Health Care Bio-Herbal Research Foundation, whose director admitted that donations given by […]
ITAT Mumbai quashes a Rs.2936 Cr penalty against CGTMSE, ruling its activities are charitable and not subject to the proviso of Section 2(15), and that penalty requires underlying tax liability.
ITAT Jaipur sets aside the rejection of a tax exemption for Saraswati Shiksha Samiti. The tribunal ruled that registration under the Rajasthan Public Trust Act is not a prerequisite for tax exemption and cited a violation of natural justice.
ITAT Ahmedabad rules that a charitable organization’s application for tax exemption cannot be rejected solely due to a technical error in form submission without a hearing.
NCLT Delhi held that application filed u/s. 12A of Insolvency and Bankruptcy Code [IBC] for withdrawal of CIRP allowed as unconditional consent accorded by the sole Financial Creditor. Accordingly, application allowed.
Held that the statutory right of a Financial Creditor bestowed u/s. 7 of the ‘IBC’ cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
ITAT Delhi held that applicability of section 115BBE of the Income Tax Act without initially fixing the addition under any of the charging provisions i.e. section 68, 69, 69A, 69B, 69C and 69D of the Income Tax Act is not tenable in the eye of law. Accordingly, appeal allowed.
The Chartered Accountants Association requests tax deadline extensions for TAR, ITR, and 12A renewals, citing severe floods in northern states and persistent technical issues with the Income Tax portal.
