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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Exemption u/s 11 - application of income - since no benefit has ...

Income Tax

June 22, 2018

Exemption u/s 11 - application of income - since no benefit has been enured to the specified person from the impugned transaction, denial of exemption u/s 11/12 of the Act is uncalled for.

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  1. Violations of condition specified in section 11(5) of the Income Tax Act - exemption u/s 10(23C)(vi) - advance against purchase of property - application of income -...

  2. Exemption u/s 11 - undue benefit in lieu of salary and allowances to the persons specified u/s 13(3) - In the present case, even if it is held that there is violation of...

  3. Exemption u/s 11 - undue benefit to specified persons - denial of exemption to extent of rent paid by the assessee to one of its trustees holding the same to be on...

  4. 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...

  5. Exemption u/s 11 - Jaipur National University (JNU) doesn’t qualify as a specified person u/s 13(3) - Accordingly, the contribution to JNU will qualify as due...

  6. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

  7. Exemption u/s 11 - violation of the provision of Section 13(1)(c) on account of payment of remuneration to specified person - In the event of any violation of provision...

  8. Exemption u/s 11 - The Assessee did not claim benefit of exemption u/s.11 of the Act before the AO and the AO did not have the benefit of examining such a claim. Mere...

  9. 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...

  10. Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

 

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