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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Eligibility for deduction U/s.11 & 12 - The claim of the ...

Income Tax

September 23, 2015

Eligibility for deduction U/s.11 & 12 - The claim of the assessee to carry forward the excess application of fund cannot be entertained applying the commercial principles. However if the excess application of funds are from the borrowed fund or from the sundry creditors during the earlier years, the same shall be allowed as application in the year in which such loan or sundry creditors are repaid from the income of the trust. - AT

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  1. Carry forward of the loss - loss as claimed by the assessee treating the same as excess application of loss u/s.11 - set off allowed - AT

  2. Denial of benefit of carry forward & setting off of loss and exemption u/s 11 r.w.s. 12 - Belated filing of ITR - In the impugned case on hand, the total receipts...

  3. Exemption in terms of section 11(1)(a) - entitlement for carry forward of excess application of income - the claim of the assessee for carry forward of excess...

  4. Exemption u/s 11 - Accumulation of income - Carry forward of deficit - Carry forward of excess expenditure carried forward from the earlier assessment years - The...

  5. Application u/s 154 moved by assessee to carry forward and set off unabsorbed depreciation and losse - DCIT recomputed and reduced the deduction u/s 80HHC - Action of...

  6. Exemption u/s 11 - claim of set off of brought forward expenses and carry forward of current year expenditure incurred in excess of its income for setting off against...

  7. Exemption u/s 11 - section 2(15) Applicability - Carry forward and set off of unabsorbed deficit - the assessee is entitled to claim set off of brought forward excess...

  8. 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...

  9. Benefit of exemption u/s 11/12 - Effective date of grant of registration u/s 12A - Initially application was rejected by CIT(E), but the same was approval on the...

  10. The assessee being entitled to exemption under sections 11 and 12 of the Act, no disallowance on account of contribution to unapproved pension and gratuity funds can be made - AT

 

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