Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT Ahmedabad considered a case involving exemption u/s 11 for a trust with a belatedly filed income return. The tribunal held that the trust, registered u/s 12AA, was eligible for deduction as a charitable trust. It noted the amendment to Section 139(4) post the Finance Act, 2016, allowing filing within one year from the end of the relevant assessment year. The tribunal disagreed with the CIT(A)'s interpretation of the due date. The trust mistakenly reported an amount under the wrong section in the return, but as the filed return was valid and processed u/s 143(1), the CIT(A)'s rejection was deemed unjust. The tribunal also addressed the late filing of form 10B, citing the proviso to section 143(1)(a) and a previous decision condoning such delays. Following the precedent, the tribunal set aside the CIT(A)'s order, deleted the addition made, and allowed the exemption u/s 11, ultimately ruling in favor of the assessee.
The ITAT Ahmedabad considered a case involving exemption u/s 11 for a trust with a belatedly filed income return. The tribunal held that the trust, registered u/s 12AA, was eligible for deduction as a charitable trust. It noted the amendment to Section 139(4) post the Finance Act, 2016, allowing filing within one year from the end of the relevant assessment year. The tribunal disagreed with the CIT(A)'s interpretation of the due date. The trust mistakenly reported an amount under the wrong section in the return, but as the filed return was valid and processed u/s 143(1), the CIT(A)'s rejection was deemed unjust. The tribunal also addressed the late filing of form 10B, citing the proviso to section 143(1)(a) and a previous decision condoning such delays. Following the precedent, the tribunal set aside the CIT(A)'s order, deleted the addition made, and allowed the exemption u/s 11, ultimately ruling in favor of the assessee.
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