Home Highlights February 2016 Year 2016 This

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1. National Pension Scheme (NPS) contributions made by an employer were disallowed by the Assessing Officer on the grounds that the remittances were made beyond the...

2. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

3. Income Tax: The proposed amendment to sub-clause (iiihg) of clause (a) of sub-section (2) of Section 80G of the Income Tax Act seeks to provide deduction for donations...

4. The provident fund dues, including contributions u/s 7A, interest u/s 7Q, and damages u/s 14 of the EPF Act, are not part of the liquidation estate assets. The EPFO...

5. Cancellation of registration u/s 12AB(4) denied - trust's investments in mutual funds from accumulations and corpus donations, not borrowed funds - trust deed clause...

6. Reopening of assessment u/s 147 - reasons to believe - Superannuation fund - Exemption u/s 10(25)(iii) - Evidently, as on the date of issuance of notice of reopening of...

7. Charitable trust registered u/s 12A faced disallowance of benefit of accumulation of funds u/s 11(2) as income was not utilized for the intended purpose. The trust's...

8. Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed...

9. Exemption u/s 11 - donation received - if it is taken that the said fund was for infrastructural development or to say it was towards corpus fund of the trust, still as...

10. One of the ways of generating fund is by maintaining the auditorium under trust. In this case, the auditorium was held under trust of the society for the purpose of...

11. Seeking grant of Bail - active role in commission of crime under Section 132 of CGST Act - A disregard for the interest of the community can be manifested only at the...

12. The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

13. Status of a trust/AOP - Valid status - assessee trust is a revocable trust - provisions of Sec. 61 to 63 of the Act would be applicable to it - there would be no legal...

14. This case deals with the tax liability u/s 115BBC(1) for anonymous donations received in the "Hundi" by a charitable and religious trust. The key points are: The...

15. Exemption u/s 10(23FB) -Venture Capital Fund [VCF] - investments in Convertible Debenture application money - violation of SEBI (Venture Capital Fund) Regulations -...