Home Highlights October 2017 Year 2017 This

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1. Status of a private discretionary trust - AOP OR Individual - The Ld. CIT(A) has interpreted the meaning of AOP - the subsequent amendment by explanation to section...

2. Denial of exemption u/s 11 & 12 - Assessment of trust - Taxation at Maximum Marginal Rate (MMR) - charging the assessee as per the provisions of section 164(1) or 164(2)...

3. Assessment of trust - Rate of Tax - Maximum Marginal Rate (MMR) - The ld. AR of the assessee argued that the trust should be taxed based on the specific provision of...

4. MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the...

5. Penalty levied u/s 221(1) - non-payment of tax - In the instant cases, as on today, the assessment orders have been quashed by the Tribunal, vide its order dated...

6. Penalty u/s 271(1)(c) - when the assessee company had been assessed to tax under the deeming provisions of Sec. 115JB of the Act, therefore, on the basis of our...

7. Assessment of trust - Anonymous donations - CIT(A) in his order has noted that the Trust is totally religious charitable trust, hence, the provision of section 115BBC(1)...

8. Status of a trust/AOP - Valid status - assessee trust is a revocable trust - provisions of Sec. 61 to 63 of the Act would be applicable to it - there would be no legal...

9. Exemption u/s. 11 denied - Validity of intimation issued u/s. 143(1)(a) - there are two aspects which emerges on this issue as to whether the disallowance made is a...

10. Exemption u/s 11 - Violation of provisions of Section 13(1 )(c) and 13(1)(d) - loans and advances to interested persons - We are of the considered view that the learned...

11. Tax liability of trust - the purpose of tax under the Act, the Assessing Officer may be in a position to find out the status of the beneficiaries of the First Level...

12. Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...

13. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

14. Exemption u/s 11 - trustees have used property then trust - violation of provision of Section 13(1)(c) and 13 (1)(d) - The residential premises of the assessee trust are...

15. TDS u/s 195 - Demand u/s 201(1) and interest charged u/s 201(1A) - the year-end provisions made by the assessee included “Commission payable to non-residents”, which is...