Daily Archives: June 23, 2025

Retrospective Section 12A Registration Denied for Educational Society: Lack of Cogent Reason for Delay and Prior Exemption Knowledge Issue: Whether an educational society that initially availed exemption under Section 10(23C)(iiiad) is entitled to retrospective registration under Section 12A of the Income-tax Act, 1961, when it fails to provide cogent and strong reasons for the delay… Read More »

Charitable Trust Entitled to Section 11 Exemption for Preceding Assessment Years if Registration Granted During Pending Appeals Issue: Whether a charitable trust, granted registration under Section 12AA (now 12AB) of the Income-tax Act, 1961, with a prospective effective date, is also entitled to the benefits of Sections 11 and 12 for preceding assessment years for… Read More »

Income from Schedule Tribe Member Not Exempt if Source Not from Specified Area Issue: Whether an assessee, claiming to be a resident of Kargil and a member of a Scheduled Tribe, is entitled to claim exemption under Section 10(26) of the Income-tax Act, 1961, for their entire income, when they fail to sufficiently demonstrate that… Read More »

Exemption Under Section 10(23C)(v) Not Deniable Solely for Late Filing of Form 10BB if Submitted During Assessment Issue: Whether a religious and charitable trust’s claim for exemption under Section 10(23C)(v) of the Income-tax Act, 1961, can be denied solely on the ground that it filed its return of income and Form 10BB (auditor’s report) after… Read More »

Reassessment for Perquisites Invalid: Difference in Share Value Not Taxable When Acquired in Exchange for Non-Profit Interest and Subsequent Capital Gains Taxed Issue: Whether the difference between the intrinsic value of shares and the amount paid by the assessee for acquiring those shares can be taxed as “perquisites” under Section 2(24)(iv) of the Income-tax Act,… Read More »

I. Land is Agricultural and Exempt from Capital Gains Tax Issue: Whether a piece of land sold by the assessee should be classified as agricultural land, thereby exempting any capital gains from tax under the Income-tax Act, 1961, despite the Assessing Officer’s classification based on factors like registration department records and alleged absence of agricultural… Read More »