Home Highlights May 2013 Year 2013 This

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1. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

2. Exemption right u/s 11 & 12 - assessee society is registered u/s 12A - Addition u/s 69 - undisclosed income/Investment - it is an admitted fact that the assessee society...

3. Application of income in the computation of total income of assessee u/s. 11 - claim of assessee in respect to repayment of 'ways and means loan', borrowed during...

4. Computation of assessee income - GP estimation - For applying section 44 AF, it is clear that the total turnover of the assessee must be less than 40 lakhs of rupees. In...

5. The Appellate Tribunal addressed the issue of exemption u/s 11 for income from property held for charitable purposes. It held that the provision of section 11(1)(a)...

6. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

7. Exemption u/s 11 - Charitable Purpose - Plastic Waste Management - Expenditure of multi-layered plastic collection and disposal charges for members are the only major...

8. The assessee has utilized more than 85% of its income for achieving the objects of the Society. Even if addition was made for non-deduction of TDS, the same cannot be...

9. Addition u/s 40(b) - interest payment to partners - in the computation of income the interest of partner is added and deducted and thus, the effect while preparing the...

10. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

11. The tribunal held that the monetary limit of Rs. 1 crore prescribed u/s 10(23C)(iiiad) read with Rule 2BC should be applied separately to the gross receipts of each...

12. Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate...

13. Registration u/s 80G(5)(vi) - charitable activities and utilization of funds - deduction from total income on donations to be made available to donors based on such...

14. The petitioner incurred expenditure towards application of income as required u/s 11(1)(d) for the year under consideration, which was evident from the computation of...

15. Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....