Whether Accumulation under section 11(2) for specific object is not mentioned in form No 10 whether exemption can be denied ?

One trust has filed form no 10 for accumulation under section 11(2) of act and objects has been mentioned for old age home, hospital and dispensary and school. So wanted to reject claim on the grounds that specific purpose has not been mentioned. Any ITAT chandigarh bench or punjab and haryana high court or supreme court decision. If available please share.

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  When the Turnover is Rs 70 lakhs whether Tax Audit required or Not?

FY 2020-21 Tournover 70 lakhs(Through Bank) Profit - 287000 Tax audit required ? If required then under which section?

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  Whether foreign package tour mentioned under S. 206C (H) covers sale of Ticket only or only Foreign Hotel booking ?

foreign package tour mentioned under section 206C[H] , whether it covers sale of 1] only foreign travel  ticket ? 2] only foreign hotel booking ?

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  Whether Right issue of equity shares allotted below FMV by Pvt Ltd Co , provisions of section 56(2)(x) is applicable .?

The book value /FMV as per Rule 11UA of a Pvt ltd concern is Rs 200 per share. The Company declares a rights issue of 10 equity shares each against each equity shares held & accordingly equity shares are offered to all existing shareholders proprotionately to their shareholding. The fresh equity shares are offered at face value of Rs 10 each only. Few shareholders do not opt for the additional equity shares & others subsribe. Does sec 56(2)(x) get attracted to the shareholders subsribing to the issue since equity with FMV Rs 200 gets alloted @ Rs 10 only. Although…

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  Whether income accumulation under section 11 (2) for capital expenditure was added to total revenue and surplus once again accumulated , whether total accumulation be taxed ?

A charitable trust set apart certain amounts u/s 11(2) for FY 2012-13 for investment in Capital expenditure on Buildings. In years thereafter the trust kept incurring Capital expenditure on buildings but did not set off the accumulated amount against such capital expenditure. In FY 2017-18 the accumulated amount was added to the other revenue and its utilisation towards revenue and capital expenditure was adjusted against total revenue. Some surplus was again accumulated u/s 11(2) for FY 17-18. The AO wishes to tax the total accumulation for FY 12-13 u/s 11(3) and denying the benefit of expenditure on revenue and capital…

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  Is an NGO eligible for GST exemption on procurement of covid relief equipment and materials like oxygen concentrator etc.

WILL A NGO IS ELIGIBLE FOR GST EXEMPTION ON PROCUREMENT OF COVID RELEF EQUIPEMNTS AND MATERIALS LIKE OXYGEN CONCENRATOR ETC

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  Can Karta of HUF total partition the HUF property and what are the implications under Direct tax and general Law ?

Q. Background: the assessee is Karta of HUF. He has sold the ancestral property and invested the entire consideration in HDFC credit Risk Debt Fund and availed the benefit of capital gain exemption in the year 2016 Now more than five years the amount lying in the said fund. At present the gain is substantial . Querist is a senior citizen above 85 years old. Queries: 1. If HUF encashes the fund whether liable to capital gains tax. If yes at what rate, whether indexation benefit is available. 2. HUF doesn’t have any other property can he total partition and…

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  What precautions be taken when a property of partnership is purchased ?

I desire to purchase a House property which is in the name of Partnership firm from Housing Society, what percussions I should take, from the liability of Direct and Indirect taxes and as per general law? I desire to purchase a House property which is in the name of Partnership firm from Housing Society, what percussions I should take, from the liability of Direct and Indirect taxes and as per general law?

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  Can the Assessing Officer disregard the valuation report submitted by the Assessee as per Rule 11UA of Rules ?

Assessee submitted valuation report as per Rule 11UA determining valuation of share at Rs.32/- per share. The Assessing Officer calculated Value of share as under: Share Capital - A Reserves & Surplus - B A + B divided by number of shares (c). The value came to Rs.22. The Assessing Officer made addition of Rs.10 i.e., Rs.32- Rs.22 in the hands of the company on the number of shares allotted by the company u/s 56(2)(viib) of the Act. Please let us know whether the addition is justified. Any case law in support of the assessee. Please guide us how to…

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  Can recovery proceedings be started against a Director of Limited Company ?

Can the Department can take recovery proceedings against a Director of Limited Company under section 179 of the Act for recovery of Tax due of the Company?

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