Home Highlights June 2023 Year 2023 This

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1. Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

2. Rejection of application for final approval u/s 80G(5)(iii) - The appellant, previously approved under Section 80G(5) of the Income Tax Act as a charitable institution,...

3. 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...

4. Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

5. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

6. Refund of Excess Excise Duty - principles of unjust enrichment - the provisional assessment was directed in the year 1995 and relevant documents for finalisation of...

7. Deduction u/s 80IC - substantial expansion - Initial assessment year - in case substantial expansion is carried out as defined in clause (ix) of Sub-section-8 of Section...

8. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

9. Undisclosed stock - relevant assessment year - additions for the financial year 2012-2013 relevant to assessment year 2013-2014 - Once the statements have been accepted...

10. Reopening of assessment u/s 147 - absence of valid approval to be obtained u/s 151 - The Appellate Tribunal noted that the approval obtained from the Additional...

11. Approval u/s 80G(5)(iii) - time limit - The ITAT highlighted the distinction between applications for renewal and fresh registration, as well as the prescribed time...

12. Assessment order passed u/s 153A - valid approval granted u/s 153D or not? - The Tribunal found that the approval granted under Section 153D was generic and lacked...

13. Rejecting the application for approval u/s 80G - assessee trust is registered u/s 12AA and is stated to be engaged in carrying out charitable activities including...

14. Assessment u/s 153A - unabated assessments - the assessments of the assessment years falling within the period of above said six years which are not pending, i.e., which...

15. Approval of Trust u/s.80G(5) - To be effective from the first date of Financial Year or from the date of approval - approval was granted provisionally as on 23.09.2021 -...