Home Highlights May 2012 Year 2012 This

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1. Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

2. The Income Tax Appellate Tribunal (ITAT) examined the taxability of income from a discretionary trust u/s 164(1) read with clause (ii) of Explanation 1 to Section 164 of...

3. The trust was denied registration u/s 12A/12AB by the Commissioner of Income Tax (Exemptions) on the ground that it was established for the benefit of a particular...

4. The Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 13(1)(b) of the Income Tax Act can be invoked at the time of assessment, based on the...

5. Denial of exemption u/s 11 was challenged due to alleged violations of Sections 13(1)(d), 13(2)(h), and 13(1)(c) of the Income Tax Act. The key points are: Section...

6. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

7. Insertion of new Chapter XII-EB - Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be...

8. The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim....

9. Determination of tax liability and treatment as Association of Persons (AOP) for assessee trusts. Examination required on whether income taxable at slab rates u/s 164(1)...

10. Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

11. This notification specifies that Form 3CEDA (Application for rollback of an Advance Pricing Agreement) and Form 3C-O (Application form for approval under sub-section (1)...

12. Section 11 exemption - Violation of Section 13(1)(d) regarding excess payment to sister trust disallowed. Honorarium paid to Ms. Meenakshi Sundaraja allowed based on...

13. 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,...

14. Recognition of TRUST - As can be seen from the definitions, the Trust created in terms of the deed of settlement is consistent with the requirements of both, the Indian...

15. This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...