The ITAT Chennai assessed a trust's income application. The ...

AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation.

Case Laws Income Tax

May 28, 2024

The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim. ITAT noted u/s 11(6) disallowing depreciation on assets claimed as income application. The issue was remanded to AO for fresh income application review. The appeal was allowed for statistical purposes.

View Source

← Previous Next →

The ITAT Chennai assessed a trust's income application. The ...

AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation.

Case Laws Income Tax

May 28, 2024

You may also like:

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a...

Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

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 as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

Application of income of the Trust u/s 11 - Carry forward and set off of losses - if commercial principles are applied then adjustment of expenses incurred by the Trust...

Denial of exemption u/s 10(23C)(iiiad), addition of unexplained cash credits u/s 69A. Registration granted u/s 12AA from 23-02-2019 indicating trust not exclusively...

The High Court found procedural irregularities in a faceless assessment process. The Assessing Officer (AO) did not refer to summons u/s 133(6) in the show cause notice,...

The ITAT Chennai held that the denial of registration u/s 80G(5) to an old trust was unjustified as the trust existed before the new registration regime. The trust...

This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...

The case concerns denial of registration u/s. 80G(5)(iii) and the timeline for filing the application. The Tribunal noted the provision for provisional registration to...

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...

Disallowance of provision for gratuity and leave encashment - in case of trust, the meaning ‘applied’ need not be construed as ‘spent’. It includes the necessary...

Quick Updates: