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Income Tax - Highlights / Catch Notes

Home Highlights January 2020 Year 2020 This

Exemption u/s 11 - merely because the assessee-trust/company has ...

Case Laws     Income Tax

January 29, 2020

Exemption u/s 11 - merely because the assessee-trust/company has been formed by another company for complying with the corporate social responsibility requirements, it cannot be denied registration under section 12AA unless the genuineness of the activities of assessee-trust or its charitable objects is doubtful.

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  1. 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...

  2. Assessee failed to file return of income and Form No. 10B before due date, resulting in denial of benefit u/ss 11 and 12. However, consistent judicial precedents,...

  3. 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...

  4. Exemption u/s 11 was not claimed in original return due to auditor's mistake in Form No. 10B. Assessee rectified mistake by filing revised Form No. 10B. Statutory claim...

  5. The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption...

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  7. Exemption u/s 11 - benefit denied on delay in filling the audit report - The Appellate Tribunal acknowledged the delay in filing Form 10B but noted that the issue of...

  8. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

  9. 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...

  10. Corpus donations, being distinct from incomes derived from trust property, are granted exemption separately u/s 11(1)(a) and 11(1)(d) of the Act. There is no overlapping...

  11. Exemption u/s 11 - assessment of trust - accumulation of income - The AO and CIT(A) disallowed this accumulation, arguing that it was not for a specific purpose and was...

  12. Exemption u/s 11 - trust which was not registered u/s.12A - Addition of corpus donation - voluntary contribution received by the trust with a specific direction that...

  13. Exemption u/s 11 - Trust - it was alleged that the principle activity of the assessee trust was letting out the auditorium with clear profit motive - allegation has not...

  14. Exemption u/s 11 - On lifting the veil, it is clear as daylight that the modus operandi adopted by the Assessee Institutions and Trusts are with the twin objectives of...

  15. Failure to file Form 10/10B before due date prescribed u/s 139(1) cannot be fatal to deny exemption u/s 11(2), especially when Form 10/10B was available on record when...

 

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