Home Highlights February 2013 Year 2013 This

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1. Exemption u/s 11 - AO by invoking proviso to Section 2(15) and denying the exemption - Receipts from business activities exceeded the threshold of Rs. 10 lakhs and Rs....

2. Exemption under 10(23C) - It is not statutorily incumbent upon the assessee to obtain registration u/s 12A of the Act, to enable it for exemption u/s 10(23C) of the Act....

3. Exemption u/s 10(23C)(iiiad) - Threshold limit of Rs. 1 Crore - The Appellate Tribunal found that the appellant's gross receipts, when considering certain fee receipts...

4. The JNCH issues Public Notice regarding the weighment of self-sealed export containers in the Central Parking Plaza (CPP). Effective from March 1, 2024, all non-AEO...

5. The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

6. Registration of Trust - For removing difficulty in earlier provision of registration, it has been proposed to amend the provision of registration to allow for direct...

7. Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

8. Refund claim of amount deposited during investigation - the appellant is entitled to refund with interest under Section 35 FF, for which no limitation is applicable. The...

9. Assessee, a partner in Daurau Farms LLP engaged in sale of farm fresh milk, paid Rs. 30 lakhs in three installments of Rs. 10 lakhs each to Mr. Deepak for purchasing...

10. Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident...

11. Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of...

12. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

13. 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...

14. Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

15. Exemption u/s 11 - benefit of registration granted u/s.12A of the Act from AY 2019-20, would be available for earlier years also that are pending as on the date of grant...