Home Highlights February 2012 Year 2012 This

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1. Assessment of trust - ‘anonymous donation' - AO despite having the information could not show that, the donors are not existing or the assets are not existing. It is...

2. Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the...

3. Exemption u/s 11 - application of income - Donation to another society - Merely because PSESA was not registered u/s 12A of the Act for the year under consideration that...

4. Addition u/s 68 or 115BBC - The anonymous donations will not be covered if donations received by any trust or institution created or established wholly for religious...

5. Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed...

6. Exemption u/s 11 - donation received - if it is taken that the said fund was for infrastructural development or to say it was towards corpus fund of the trust, still as...

7. Exemption u/s 11 - contribution/donation to other charitable trust - Donations are never made with prior agreement and it is solely governed by the will and capabilities...

8. Treatment of donation to other trusts - Exemption u/s 10(23C) and u/s 11 - Donation by trust & Other institutions to another trust & Other institutions shall be treated...

9. 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...

10. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

11. Transfer of property / assets - with the merger of property also vested with the petitioner along with other assets of Sharpedge. This clearly amounted to transfer of...

12. Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

13. Exemption u/s 11 - Donation to other trusts - no explanation offered for many donations made by the Trust as to whether they were for activities in conformity with the...

14. Amendment of section 50C - stamp value - where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital...

15. Disallowance of set off of brought forward loss from transfer of short-term capital asset against gains arising from transfer of long-term capital asset - provisions of...