Exemption u/s 11 - contravention of Section 13(1)(d) and 11(5) - ...

Tribunal Rules Trust Not Obliged to Sell Donated Shares; No Violation of Income Tax Act Sections 13(1)(d), 11(5.

August 20, 2019

Case Laws Income Tax HC

Exemption u/s 11 - contravention of Section 13(1)(d) and 11(5) - shares were donated to the Trust with a condition that it should be retained for at least 5 years - the Tribunal took note of the factual position and held that it is not for the assessee to sell the shares and law cannot compel one to do the impossible - no substantial question of law arising

View Source

← Previous Next →

Exemption u/s 11 - contravention of Section 13(1)(d) and 11(5) - ...

Tribunal Rules Trust Not Obliged to Sell Donated Shares; No Violation of Income Tax Act Sections 13(1)(d), 11(5.

August 20, 2019

Case Laws Income Tax HC

You may also like:

The Tribunal held that the workings provided by the Department for determining the fair market value (FMV) of shares at Rs. 131.86 per share were not in accordance with...

Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

The Appellate Tribunal addressed the status of the assessee as a trust or AOP, focusing on the taxability of income in the hands of the Appellant Trust versus...

The ITAT considered an addition made u/s 68 for the sale of shares as an 'unexplained source of investment'. The assessee, a foreign company tax resident of Mauritius,...

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...

ITAT determined that a registered charitable trust's income should be taxed at normal rates rather than maximum marginal rates, despite undefined trustee shares. While...

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...

Assessment of trust - Benefit of section 112 read with section 164 - The assessee trust is not free or authorized to sell the shares, held by it on behalf of the settler...

Transaction of shares - Assessment of income - the shares held by the assessee trust are capital assets in its hands and gain arising on the transfer of these shares by...

Addition u/s 56(2)(viib) - application of Rule 11UA - FMV of redeemable preference shares - sub-Rule (2) of Rule 11UA deals valuation in respect of unquoted equity...

The Appellate Tribunal addressed the denial of registration u/s 12AB to a Public Charitable Trust operating a Primary School for physically disabled children engaged in...

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

Revision u/s 263 - sale of preferential shares - PCIT noted a discrepancy between the value of shares sold as per the audited balance sheet and the value declared in the...

Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

Valuation of gifted shares - Explanation to Rule 2(9) of Part A, Schedule III of the W.T. Act. The certificate from the concerned stock exchange is only to state whether...

Quick Updates: