Entire income of trust cannot be taxed for violation of Section 12A exemption conditions. Supreme Court dismisses SLP of Department. Denial of exemption u/s 11 should be limited only to amount diverted ABCAUS Case Law CitationABCAUS 3527 (2021) (07) SC Important case law relied referred:CIT vs. Fr. Mullers …

Calcutta High Court stays section 194N for TDS on cash withdrawal from bank In the instant case, the petitioner had challenged the constitutional validity and legality of Section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% …

CBDT grants Patanjali Research Foundation Trust gets approval u/s 35 under the category “Research Association” for Scientific Research for Assessment Years 2022-23 to 2027-28 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 79/2021 New Delhi, the 12th July, 2021 S.O. 2804(E).—In exercise of the powers …

ICAI notifies dates for next Information Systems Audit (ISA) Course Assessment Test on 31.07.2021 In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the next Information Systems Audit (ISA) Course Assessment …

Income of Haryana Building & Other Construction Workers Welfare Board exempted u/s 10(46) for Fee, subscription, cess & interest income for five years from FY 2020-21 to 2024-25 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 78 /2021 New Delhi, the 9th July, 2021   …

No concealment penalty for claiming capital expenditure as revenue when there is no conscious and deliberate attempt by assessee to evade tax. In the instant case, the assessee had challenged the order passed by the CIT(A) confirming penalty u/s 271(1)(c) of the Income Tax Act, 1961 (the Act) …