As we understand, the assessee could not file Form 10-IC on or before the due date. The said Form is a mandatory requirement for claiming the benefit of a lower rate of tax. Kindly refer to the decision of the Hon'ble ITAT Mumbai Bench in the case of Suminter India Organics Private Limited v. DCIT… (read more)

The Assessee can make an application to the CBDT under section 119(2)(b) of the Income-tax Act, 1961 for delay in filing of Form 10CCB. The Assessee has to explain the genuine hardship that the assessee will face if the delay is not condoned. In the event, the Board is non-responsive to subsequent reminders or passes… (read more)

The exemption under section 11 of the Income-tax Act, 1961 (Act) will not be denied merely because the trust is having residential income. However, the income would have to be applied for charitable purposes [Oswal Bandhu Samaj v. ITO - [2022] 138 taxmann.com 561 (Pune-Trib.)]. Section 11 to 13 of the Act being a code… (read more)

As we understand, the existence of a nexus is a fact finding mission. The Ld. AO can question the same. The Assessee can take shelter of the principle of consistency as all earlier AYs were accepted by the Department. Further, the Hon'ble High Court of Allahabad in the case of CIT v. Sushila Mallick [2013]… (read more)

I feel the assumption that State has power to levy tax on goods and Centre on services appears to be mistaken. Under GST both have power to levy tax on goods and services. It is Central council which takes policy decisions and all states also implement same. Regarding 2020/2021 amendment about club, association, formalities must… (read more)

The Hon'ble Calcutta High Court in the case of PCIT v. Trimex Fiscal Services (P.) Ltd. [2022] 141 taxmann.com 524 (Cal)(HC) observed that in terms of clause (viib) of section 56(2) where a company not being a company in which public are substantially interested, receives, in any previous year from any person being a resident,… (read more)