Tag: income accumulation
Opening balance or existing Fixed Deposits if free from lien qualifies as accumulation of income under section 11(2) of the Income Tax Act, 1961 In a recent judgment, ITAT Bangalore has held that opening balance or existing Fixed Deposits which is free from any lien constitutes sufficient compliance …
Investment made in violation of provisions of section 11(5) can not be treated as income In a recent judgment, ITAT Nagpur held that amount of investment made by a charitable institute in violation of provisions of section 11(5) can not be treated as income, only the income arising …
Wrong amount of income accumulation mentioned in Form-10 due to clerical error – ITAT deleted addition made by AO In a recent judgment, ITAT Guwahati has deleted addition made due to wrong amount of income accumulation u/s 11(2) was mentioned in Form 10 due to clerical error and …
Belated Form 10 allowed as trust had reasonable belief it has applied 85% of income for charitable purposes and not required to file Form 10 for accumulation of income ABCAUS Case Law Citation:ABCAUS 3729 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed …
Accumulation of charitable income u/s 11(1)(a) for incidental business is to be calculated on net profits not gross receipts. ABCAUS Case Law Citation:ABCAUS 3662 (2023) (02) ITAT Important Case Laws covered:Holy Spirit v/s. DCIT (Exemption)CIT vs. Thanthi Trust (2001) 247 ITR 785 (SC) Programme for Community Organization, (2001) …
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 …
Amendment of Form No 10B of auditors report u/s 12A(b) for charitable institution CBDT issues draft notification proposing more comprehensive reporting both in audit report and in annexure of Statement of particulars F No 370142/6/2019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes****** New Delhi, May …
Lack of full declaration in Form 10 of accumulation u/s 11(2) by itself would not be fatal to the claim. Supreme Court dismisses SLP of the Revenue ABCAUS Case Law Citation: ABCAUS 2842 (2019) (03) SC Important Case Laws Cited/relied upon by the parties CIT v. Hostel and …
Income accumulation application allowed under rectification u/s 154 as assessment was not completed and there was only intimation u/s 143(1) ABCAUS Case Law Citation: ABCAUS 2470 (2018) 08 ITAT Important Case Laws Cited/relied upon by the parties: Bagalkot Town Development Authority v. CIT CIT Vs. Nagpur Hotel Owner’s …
Income accumulated us 11(2) not deemed income when transferred from capital fund account to the income and expenditure account for utilisation within time allowed u/s 11(3)(c)-ITAT The instant appeal was preferred by the Revenue against the order passed by the Commissioner of Income Tax (Appeals) in deleting the …
