Captive solar power supply to parent company fails charitable purpose test for Section 12AB registration Issue Whether a Section 8 company, incorporated to manage a solar power project as a CSR initiative, is eligible for charitable registration under Section 12AB where the electricity generated is supplied exclusively to its parent company (shareholder), thereby raising… Read More »
Vocational training generating surplus utilized for education qualifies for Section 11 exemption Issue Whether the activity of running coaching classes and vocational training programs by a registered trust constitutes “education” under Section 2(15) of the Income-tax Act, thereby entitling it to exemption under Section 11, or if it falls under “advancement of any other… Read More »
PFRDA Announces Expert Committee to Develop Framework for Assured Payouts under National Pension System (NPS) Posted On: 13 JAN 2026 1:40PM by PIB Delhi The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level committee tasked with formulating guidelines and regulations to enable a framework for assured payouts under the National Pension System… Read More »
PFRDA issues NPS Vatsalya Scheme Guidelines 2025 to strengthen long-term financial security for Minors Guidelines lay down eligibility, contribution, withdrawal and transition provisions to facilitate early pension savings for children Posted On: 13 JAN 2026 6:53PM by PIB Delhi The Pension Fund Regulatory and Development Authority (PFRDA) has issued the NPS Vatsalya Scheme Guidelines 2025,… Read More »
Interest on FDRs disallowed u/s 80P as investment income exceeded income from credit facilities Issue Whether the interest income of Rs. 1,50,19,858 earned by the assessee (a co-operative agricultural service society) from Fixed Deposits (FDRs) with scheduled banks is eligible for deduction under Section 80P(2)(a)(i) as income “attributable to” the business of providing credit… Read More »
Disallowance under Section 14A read with Rule 8D upheld due to insufficient voluntary disallowance Issue Whether the Assessing Officer was justified in invoking Section 14A read with Rule 8D(2)(ii) to disallow Rs. 1,02,44,219 against exempt income of Rs. 22.42 Crore, rejecting the assessee’s claim that only Rs. 5,774 was incurred to earn such income.… Read More »
Registration application restored to CIT(E) after condoning delay attributed to counsel’s negligence Issue Whether the delay of 424 days in filing the appeal against the rejection of Section 12A registration should be condoned, and if the matter requires fresh adjudication by the CIT(E). Facts Application for Registration: The assessee filed an application seeking registration… Read More »
Assessee not liable for TDS on alleged cash payments absent corroborative evidence or reassessment proceedings Issue Whether the assessee can be treated as an “assessee in default” under Section 201(1)/201(1A) for failing to deduct tax at source (TDS) under Section 194-IA on an alleged cash consideration paid for the purchase of immovable property, where… Read More »
Assessee granted opportunity to seek condonation for late filing to claim Section 80P deduction Issue Whether the assessee, a co-operative agricultural society, is eligible to claim a deduction of Rs. 13,62,092 under Section 80P(2)(a)(i) for Assessment Year 2019-20, despite filing the return of income after the due date prescribed under Section 139(1), in light of… Read More »
Tribunal remands matter to CIT(A) to allow assessee to seek delay condonation for Section 80P claim Issue Whether the assessee, a co-operative agricultural society, is entitled to deduction u/s 80P(2)(a)(i) despite not filing the return of income within the due date specified u/s 139(1), as mandated by Section 80AC. Facts Assessment Year: 2019-20. Original… Read More »