Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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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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