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No Audit Report Needed for Digital Marketing Business Under ₹5 Crore Turnover: Madras HC

August 16, 2025 909 Views 0 comment Print

Anybody carrying on the business of Digital Marketing with cash transactions both on the aspect of receipts and payments in cash below 5% of the turnover, which was below Rs.5 Crores as per the proviso to Section 44 AB (a), the said assessee was not required to file an audit report and they were exempted.

Proviso to Section 12A(2) Applies Only if Assessment Pending on Registration Date

August 15, 2025 999 Views 0 comment Print

ITAT Visakhapatnam ruled a temple trust cannot claim Section 12A exemption for years prior to its registration, unless assessment proceedings were already pending.

ITAT Chandigarh directs grant of 12AA Registration to Temple Trust under state control

August 15, 2025 423 Views 0 comment Print

The ITAT Chandigarh directed the grant of a 12AA registration to a temple trust under state control, emphasizing that a trust deed is not essential when the state governs its administration.

Temple Trust Loses Capital Expenditure Claim for Lack of Section 12A Registration

August 15, 2025 717 Views 0 comment Print

ITAT Visakhapatnam ruled a temple trust without 12A registration cannot claim capital expenditure as a deduction, upholding a revisional order under Section 263.

Section 10(23BBA) Exemption Not Available to Govt-Managed Temple

August 15, 2025 2034 Views 0 comment Print

An ITAT Hyderabad ruling clarifies that Section 10(23BBA) of the Income Tax Act exempts government-appointed administrative bodies, not the temples themselves, from tax.

12AA Registration Cannot Be Denied to Ancient Temple for Non-Filing of Trust Deed

August 15, 2025 897 Views 0 comment Print

Learn why an ancient temple in Andhra Pradesh received ITAT registration despite not having a trust deed, setting a precedent for similar religious institutions.

Overseas Donations Clause Threatens 12AB & 80G Renewal: ITAT Mumbai

August 15, 2025 606 Views 0 comment Print

Find out why an Indian trust’s tax exemption and 80G registration were jeopardized over a clause allowing foreign donations, despite no funds being used abroad.

15% Accumulation for Charitable Trusts under Section 11(1)(a) is Unconditional

August 15, 2025 1380 Views 0 comment Print

 ITAT Bangalore grants a trust unconditional 15% accumulation under Section 11(1)(a), while remanding the issue of additional accumulation for fresh consideration by the AO.

AO Cannot Replace DCF Valuation with Own Estimate in Share Premium Case

August 15, 2025 858 Views 0 comment Print

TAT Mumbai holds that under Section 56(2)(viib), an assessee may adopt DCF or NAV method, and AO cannot substitute valuation with own estimate.

ITAT Mumbai Rejects LTCG Exemption Claim on Penny Stocks

August 15, 2025 846 Views 0 comment Print

ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.

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