Home Highlights December 2014 Year 2014 This

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1. Levy of Penalty while waiver of customs duty - Foreign Trade (Development and Regulation) Act, 1992 (FT Act) - While the rehabilitation scheme sanctioned by BIFR...

2. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

3. Exemption u/s 11 - charitable purposes u/s 2(15) or not? - The Tribunal held that, mere selling some product at a profit will not ipso facto hit assessee by applying...

4. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

5. Violation of section 11(2) r.w.s. 13(2)(d) or not - Loans given by assessee to other trusts from unutilized portion exceeded 15% or not – authorities below have failed...

6. Charitable entity u/s 2(15) denied exemption u/ss 11 and 12 by Assessing Officer (AO) on grounds of conducting exhibitions being commercial in nature. ITAT held no...

7. Denial of exemption u/s 11 r.w.s. 2 (15) - It is no doubt true that the receipts from non-sporting activities earned by the assessee are covered under the proviso to...

8. Accumulation of income - Disallowance of claim made u/s 11(2) - AO disallowed the claim of accumulation u/s 11(2) of the Act on the ground that in the resolution passed...

9. Accumulation of income - The provisions of sec. 11(2)(a) talks about “income”, where as the provisions of sec. 11(2)(b) talks about the “money” so accumulated -...

10. Denial of exemption u/s 11(2) was contested due to the trust's failure to file Form No. 10 within the due date specified u/s 139(1) owing to technical issues. The...

11. Allowance of standard deduction u/s 24(a), deduction for actual repairs, and deduction of accumulated income u/s 11(2) in the case of a charitable trust claiming...

12. Exemption u/s 11 - letting-out auditorium was a commercial activity - proviso to Sec.2(15) - Once the assessee falls under the category of education in term of section...

13. Exemption u/s 11 - Denial of exemption as assessee is into providing buses on hire for excursion, wedding, pilgrimage etc., to general public and charges for such...

14. Exemption u/s 11 - AO rejected accumulation of income u/s.12AA - on perusal of facts available on record, clause 4k of trust deed provides for extending help and relief...

15. Exemption u/s 11 - Charitable activity u/s 2(15) - assessee trust was engaged in urban development and town planning - assessee is eligible to claim exemption/s. 11 of...