S. 11 : Property held for charitable purposes-Depreciation – Capital asset-Application of income – Matter remanded – Directed to pay cost of Rs 1000 to the Prime Minister Relief Fund .[S.11(6), 32]
S. 11 : Property held for charitable purposes-Depreciation – Capital asset-Application of income – Matter remanded – Directed to pay cost of Rs 1000 to the Prime Minister Relief Fund .[S.11(6), 32]
S. 11 : Property held for charitable purposes-Education-Organizing drama programs for companies for fee-Companies selling tickets for profit-Element of profit involved in organising dramas-Not eligible for exemption. [S. (2(15), 12A]
S. 10AA : Special Economic Zones – Revised return – Audit report was filed during assessment proceedings-Convertible foreign currency-Goods were sold by assessee to parties were exported by merchant exporters and foreign exchange was received by the said exporters and assessee did not receive any convertible foreign exchange on such sales-Eligible for deduction .[S. 139(1) Form No 56, SEZ rules 2006]
S. 10AA: Special Economic Zones-The trading activity of import and re-export carried out by the assessee —Falls within the meaning of “services” as defined u/s 2(z) of the SEZ Act, 2005-Eligible for deduction .[Special Economic Zone Act, 2005, S.2(z)]
S. 10(38) : Long term capital gains from equities – Business income or capital gains-Two portfolios viz., investment portfolio and trading portfolio –Sale of shares from investment portfolio is entitle to exemption.[S.28(i), 45]
S.10(37) : Capital gains-Agricultural land-With in specified urban limits-Compensation received on account of compulsory acquisition of agricultural land by state Govt is exempt from tax. [S. 2(14)(iii), 45 (5),Land Acquisition Act, 1894,Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act.)]
S. 10(23C) : Educational institution-Corpus donation-Registration is not mandatory – Matter reamanded for verification. [S.10(23C(iiiad), 12AA]
S. 10(20): Local authority-Change of law-For years prior to and subsequent to AY in question assessee treated as “local authority”-To be assessed as local authority for year in question-Not as artificial juridical person. [S. 2(31)(vii)]
S. 10(13A) : House rent allowance-Rent paid by husband to his wife-house was registered in wife’s name-Rental income was shown by wife in ITR-Deduction of house rent allowance is allowable as deduction.
S. 10(2A) : Share income of partner-The Limited Liability of Partnership,(LLP) being a distinct person from its partners can become a partner in a partnership firm and is also eligible to claim the exemption. [S. 2(23), Indian Partnership Act, 1932 ,S. 4,25,26,49, Limited Liability of Partnership ,Act, 2008,S.. 14,General Clauses Act, 1897, 3(42)]