Section 12AA of Income-Tax Act, 1961 deals with Procedure for Registration of a Charitable Trust or institution
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Income Tax : Thus, for a trust registered u/s 12AA of the Act to avail the benefit of exemption u/s 11 shall inter-alia file its return of inco...
Further, the change in the claim of deduction or status of the assessee would not mount to mistake apparent from records, and, as such, it cannot be rectified u/s. 154 of the Act.
ITAT Ahmedabad held that denial of exemption u/s. 11 by CPC in the rectification petition not justified since the same was allowed in earlier proceeding and it is settled position of law that debatable issues cannot be done in rectification proceedings.
The appellant are that the assessee being a public charitable Trust engaged in running an educational institution in the name of Batanagar Institute of Engineering, management and Science.
There is nothing which would indicate that the petitioner had received any consideration from the Government, the KIIFB or the General Education Department as consideration for the supply of goods or services.
ITAT Ahmedabad held that exemption u/s. 11(1)(2) and 11(1)(a) of the Income Tax Act duly admissible to Rajkot Urban Development Authority (RUDA) since the activities were not commercial in nature.
ITAT Chennai held that an AO is not permitted to take different stand on the same issue and same set of facts over different years. Thus, exemption u/s. 11 granted in spite of the fact that return was filed using ITR-6.
Non-disposal of application for registration u/s 12AA(2) within a period of six months would not result in deemed grant of registration as Parliament had carefully and advisedly not provided for such deeming fiction.
The respondent-Society had applied for registration pleading that it was running a private Industrial Training Institute imparting vocational to the students, and the same was duly affiliated and regulated by National Council for Vocational Training (NCVT).
In view of above facts, we restore this appeal back to the learned Assessing Officer with the direction to the assessee to substantiate the status of the assessee as trust and also eligibility of relevant provisions of Sections 11 and 12 by producing the registration u/s. 12AA of the Act.
The 54th GST Council recommends RCM for renting of commercial property by unregistered persons to registered entities, raising various legal and ITC implications.
