Exemption under sections 11 & 12 denied - earning interest ...

Income Tax

February 14, 2017

Exemption under sections 11 & 12 denied - earning interest income on RBI Bonds - the activity of depositing money in the bank and earning interest would not constitute trade, commerce or business within the meaning of section 2(15) r.w. proviso thereof. - AT

View Source

← Previous Next →

Exemption under sections 11 & 12 denied - earning interest ...

Income Tax

February 14, 2017

You may also like:

Exemption u/s 11 and 12 - charitable activity u/s 2(15) - total receipts from trade, commerce or business/service exceeded 20% of total receipts - The ITAT, referencing...

Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

Rejection of Revision application u/s 264 - Exemption u/s 11 denied to assessee - benefits denied merely on the ground that the donor has deducted TDS u/s 194C and 194J...

Exemption u/s.11 denied - Simply because the assessee was registered under section 12 AA of the Act does not entitle it to claim its entire income as exempt under...

Exemption u/s 10(23C)(vi) denied - exemption u/s 11 and 12 denied - the exemption u/s 11 and 12 of the Act cannot be denied only on the basis of rejection of application...

Exemption u/s 11 - status of the assessee trust - The assessee trust is irrevocable trust which is duly registered under section 12A and thus, eligible for exemption u/s...

Exemption u/s 10(23C)(vi) - In the year under consideration, the assessee was neither having registration under section 12 A of the Act nor was having approval under...

Exemption u/s 11 and 12 - religious activities - violation of Section 13(1)(c) - the activities undertaken by the assessee can be included in the broad conspectus of...

Exemption right u/s 11 & 12 - assessee society is registered u/s 12A - Addition u/s 69 - undisclosed income/Investment - it is an admitted fact that the assessee society...

Exemption u/s 11 & 12 - charitable activity u/s 2(15) - The assessee trust does not distribute its profits among members and it does not pay higher remuneration to its...

Exemption u/s. 11 - Belated filing of income tax return (ITR) and form 10B - once return of income has been filed within the time prescribed u/s 139(4) of the Act,...

Exemption u/s 11 - Accumulation of income - The money referred in Clause (b) (ii) is one accumulated or set apart. Meaning thereby that even if 85% of the income...

Exemption u/s 11 - Assessee has violated section 11(2)(b) r.w.s. 11(5) - Only the relevant income falling within the mischief of section 13(1)(d) of the Act will lose...

Exemption u/s 11 - AO has proceeded to classify assessee’s activities as ‘hybrid’, charitable as well as mutual activity - since the assessee is registered as a...

Exemption u/s 11 - Charitable activity u/s 2(15) - Commercial activity - Citing past decisions favorable to the trust under similar assessments, the Tribunal reiterated...

Quick Updates: