Delay in Filing Revised Return Must Be Condoned to Avoid Double Taxation and Unjust Enrichment Delay in Filing Revised Return Must Be Condoned to Avoid Double Taxation and Unjust Enrichment Issue Whether the Principal Chief Commissioner of Income Tax erred in rejecting an application under Section 119(2)(b) seeking condonation of delay to file a belated… Read More »
Assessee-Trust Created with Both Charitable and Religious Objects Is Fully Entitled to Section 12AA Registration Issue Whether Section 12AA differentiates between trusts created for charitable vs. religious purposes, and whether a trust established with both charitable and religious objects is eligible for registration under Section 12AA of the Income-tax Act, 1961. Facts Nature of Trust:… Read More »
Tribunal Rules in Favor of Scheduled Bank on Bad Debts, Broken Period Interest, and Section 80M Deductions Issue Section 80M & Rule 8D Disallowance: Whether expenditure can be estimated and attributed under Rule 8D for Section 80M / 14A computations when the assessee-bank possesses sufficient interest-free own funds to cover investments. Bad Debts Write-off: Whether… Read More »
Section 12AB Registration Cannot Be Rejected Under Section 13(1)(b) Without Specific Evidence Of Religious Application Issue Whether the rejection of an application for regular registration under Section 12A(1)(ac)(vi) read with Section 12AB solely by invoking Section 13(1)(b) and clause (d) of Explanation below Section 12AB(4)—without identifying actual exclusive application of income for a specific religious… Read More »
Interest-Free Structured Housing Loans to Poor Persons Qualify as Charitable Relief of Poor under Income Tax Act Issue Whether granting interest-free, structured, and repayable housing loans to financially needy individuals for acquiring basic residential accommodation constitutes a charitable activity under ‘relief of the poor’ under Section 2(15) / Section 2(23), making the assessee-trust eligible for… Read More »
Cancellation of Section 12AB registration cannot be justified solely for lacking a formal trust deed. Cancellation of Section 12AB registration cannot be justified solely for lacking a formal trust deed. Issue Whether the CIT(E) was justified in rejecting applications for registration under Section 12AB of the Income-tax Act, 1961 solely due to the non-submission of… Read More »
Absence of Written Trust Deed Cannot Bar Section 12AB Registration For Valid Charitable Institutions Absence of Written Trust Deed Cannot Bar Section 12AB Registration For Valid Charitable Institutions Issue Whether the CIT(Exemption) can reject an application for registration or renewal under Section 12AB of the Income-tax Act, 1961 solely due to the non-furnishing of a… Read More »
Propagating Vedic knowledge is charitable, not religious, entitling the trust to Section 80G tax approval. Issue Whether an assessee-trust engaged in the propagation of Sanatana Dharma, Vedas, Bhagavad Gita, and related works can be classified as a “religious cum charitable trust” without any specific reasons assigned by the CIT(Exemptions). Whether the classification as a “religious… Read More »
Premium from selling export quota entitlements is ineligible for deduction under Section 80HHC. Issue Whether an assessee-exporter is entitled to claim deduction under Section 80HHC of the Income-tax Act, 1961 on the premium earned from the sale or transfer of export quota entitlements, relying upon a CBDT Office Memorandum. Facts Assessment Year: AY 2001-02. Quota… Read More »
High Court rightly upheld Section 263 revision as export quota premium exclusion under Section 80HHC was erroneous. Issue Whether the High Court was justified in upholding the Commissioner’s revisional jurisdiction under Section 263, which set aside the assessment for failure to exclude 90% of export quota premium from business profits under Explanation (baa) to Section… Read More »