Exemption u/s 10(34) - assessee's status of an Association of ...

Case Laws Income Tax

May 29, 2020

Exemption u/s 10(34) - assessee's status of an Association of Persons [ AOP] declaring income of Rs. Nil by claiming the dividend as exempt u/s 10(34) - whether the Trust was created in violation of the provisions of the Indian Trusts Act and was therefore not a separate legal entity guided by its deed of formation? - Issues decided in favor of assessee.

View Source

← Previous Next →

Exemption u/s 10(34) - assessee's status of an Association of ...

Case Laws Income Tax

May 29, 2020

You may also like:

Grant of approval for exemption u/s.10(23C)(vi) - AOP - Since the AOP is recognised as a "person" for the purpose of Income Tax Act, 1961 and Section 10(23C) of the Act...

Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

Benefit exemption from income tax - insurance business - the assessee is entitle to claim exemption under section 10(15) towards interest income from tax free bonds,...

Status of society - Artificial Juridical Person (AJP) or Association of persons (AOP) - Once a body/society is incorporated under a statute, it becomes juridical person - HC

Addition of interest income - assessee is a resident welfare association (RWA) having status of association of persons (AOP) under the Income-Tax Act - as rightly...

Intimation u/s 143(1) - change of status of the Assessee without intimation - charging higher rate of income tax - assessee is trust - assesse furnished return of income...

Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

Income from inherit property - Status of three brothers - Individual status or Association of persons (AOP) - This basic test to determine the status of AoP is absent...

The Appellate Tribunal held that the assessee is entitled to exemption u/s 10(34) & 10(23AAB) in computing income of insurance business u/s 44, based on precedent and...

Deduction claimed u/s. 80P(2)(a)(i) - Status showing as AOP and not mentioned as cooperative society - The Tribunal referred to the definition of "person" under section...

Revision u/s 263 - Erroneous or prejudicial of revenue - AO allowed the Exemption u/s. 10(34) - Insurance business - Dividend income - The order passed by the AO...

Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

Formation of Association of persons (AOP) - The internal division of responsibility by the consortium members and the recognition thereof cannot dislodge the legal...

Provisions of section 44AB not applicable when assessee's income exempt u/s 10; consequently, penalty u/s 271B not leviable for non-audit of accounts u/s 44AB. Dividend...

Quick Updates: