Entitlement to exemption u/s.11 and 12 - The assessee is ...

Tax Exemption Denied for Assessee Engaging in Commercial Lending at Market Rates u/ss 11 and 12.

August 18, 2015

Case Laws Income Tax AT

Entitlement to exemption u/s.11 and 12 - The assessee is availing loans from banks and advance the same and admitted that it has advanced the loans to the customers at 13%. It is a commercial rate prevailing in the market - exemption denied - AT

View Source

← Previous Next →

Entitlement to exemption u/s.11 and 12 - The assessee is ...

Tax Exemption Denied for Assessee Engaging in Commercial Lending at Market Rates u/ss 11 and 12.

August 18, 2015

Case Laws Income Tax AT

You may also like:

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

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...

Exemption u/s 10(23C)(vi) denied - exemption u/s 11 and 12 denied - the exemption u/s 11 and 12 of the Act cannot be denied only on the basis of rejection of application...

Rejection of Revision application u/s 264 - Exemption u/s 11 denied to assessee - benefits denied merely on the ground that the donor has deducted TDS u/s 194C and 194J...

Eligibility for exemption u/s 11 & 12 - assessee is eligible for exemption u/s 11 & 12 of the Income Tax Act as assessee is not engaged in any trade, commerce or...

Exemption u/s 11 and 12 - charitable activity u/s 2(15) - total receipts from trade, commerce or business/service exceeded 20% of total receipts - The ITAT, referencing...

Construction services for residential units less than 60 square meters attract 12% GST rate, reduced to 8% effective rate after deducting one-third value on account of...

Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

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...

Exemption u/s 11 - status of the assessee trust - The assessee trust is irrevocable trust which is duly registered under section 12A and thus, eligible for exemption u/s...

The AO denied exemption u/s 11 to the assessee trust based on incriminating evidence of undisclosed income declared under PMGKY, systematic recovery of staff salaries,...

The Appellate Tribunal considered whether the assessee, a trust registered u/s 12AA, qualified for exemption u/s 11 as a charitable entity. The AO argued the trust's...

Benefit of exemption u/s 11/12 - Effective date of grant of registration u/s 12A - Initially application was rejected by CIT(E), but the same was approval on the...

Exemption u/s 11 - promotion and development of the game of Cricket - proviso to section 2(15) is invoked in the case of the assessee as the activities of the assessee...

Exemption u/s 11 - assessee is a charitable Trust and it was granted registration u/s 12A - Denial of exemption as assessee is charging exorbitant interest rates on the...

Quick Updates: