ICAI Releases New Technical Guide on Audit Reports Under Section 12A(10)(23C) of Income Tax Act
The Institute of Chartered Accountants of India (ICAI) Central Council through its Direct Taxes Committee has launched the Technical Guide on Reports...
![Corpus Donation collected from Parents of Students admitted in Schools are voluntary in nature: ITAT allows Exemption u/s.11 of I.T Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Corpus-Donation-parents-students-admitted-Schools-voluntary-nature-ITAT-exemption-I.T-Act-TAXSCAN.jpg "Corpus Donation collected from Parents of Students admitted in Schools are voluntary in nature: ITAT allows Exemption u/s.11 of I.T Act [Read Order]")
![Activity of providing relief to the poor being Charitable in Nature cannot be Denied Exemption in a Corporate World: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Activity-providing-relief-poor-being-Charitable-Nature-Denied-Exemption-Corporate-World-ITAT-TAXSCAN.jpg "Activity of providing relief to the poor being Charitable in Nature cannot be Denied Exemption in a Corporate World: ITAT [Read Order]")
![Exemption u/s 11 Allowable as Exceeding Limit of ‘Funds Pending Utilization’ was For Charitable Purpose: Himachal Pradesh HC upholds Order of ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Exemption-Exceeding-Limit-Exceeding-Limit-of-Funds-Pending-Utilization-was-For-Charitable-Purpose-Himachal-Pradesh-High-Court-taxscan.jpg "Exemption u/s 11 Allowable as Exceeding Limit of ‘Funds Pending Utilization’ was For Charitable Purpose: Himachal Pradesh HC upholds Order of ITAT [Read Order]")
![Donations given out of Accumulated funds u/s 11(2) shall be deemed as Income of Trust: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Donations-given-out-of-Accumulated-funds-Income-of-Trust-Donations-ITAT-Accumulated-funds-taxscan.jpg "Donations given out of Accumulated funds u/s 11(2) shall be deemed as Income of Trust: ITAT [Read Order]")
AO cannot Interpolate the Extra Payment for Every Month to Entire 12 Months for Additional Work by Guest Teachers: ITAT deletes Addition [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the additional holding that the Assessing Officer (AO) could not interpolate the extra payment for every month to the entire 12...
![AO cannot Interpolate the Extra Payment for Every Month to Entire 12 Months for Additional Work by Guest Teachers: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/AO-Interpolate-Extra-Payment-Every-Month-Work-Guest-Teachers-ITAT-TAXSCAN.jpg "AO cannot Interpolate the Extra Payment for Every Month to Entire 12 Months for Additional Work by Guest Teachers: ITAT deletes Addition [Read Order]")
Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that claiming depreciation on fixed assets is permissible even if the application of income had been previously claimed during the...
![Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Depreciation-Fixed-Assets-Permissible-Despite-Income-Double-Deduction-ITAT-TAXSCAN.jpg "Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]")
Exception u/s 11 & 12 of Income Tax Act cannot be denied merely on Account of Delay in furnishing Audit Report: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the exception under Sections 11 and 12 of the Income Tax Act, 1961 cannot be denied merely on account of delay in furnishing...
![Exception u/s 11 & 12 of Income Tax Act cannot be denied merely on Account of Delay in furnishing Audit Report: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Exception-Income-Tax-Act-Delay-in-furnishing-Audit-Report-ITAT-Income-Tax-Audit-Report-taxscan.jpg "Exception u/s 11 & 12 of Income Tax Act cannot be denied merely on Account of Delay in furnishing Audit Report: ITAT [Read Order]")
ITAT directs readjudication for granting exemption u/s 10(23C)(iiiab) of Income Tax Act in respect of Imparting Education through Charitable Trust [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh bench directed readjudication for granting exemption under Section 10(23c)(iiiab) of Income Tax Act, 1961 in respect of imparting the education...
![ITAT directs readjudication for granting exemption u/s 10(23C)(iiiab) of Income Tax Act in respect of Imparting Education through Charitable Trust [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-directs-readjudication-granting-exemption-readjudication-Income-Tax-Act-exemption-Charitable-Trust-taxscan.jpg "ITAT directs readjudication for granting exemption u/s 10(23C)(iiiab) of Income Tax Act in respect of Imparting Education through Charitable Trust [Read Order]")
Inadvertent error in filing Income Tax Return forms: ITAT directs recompute Income of Assessee [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench directed the Assessing Officer (AO) to recompute the income of the assessee observing the inadvertent error in the income tax returns filed. ...
![Inadvertent error in filing Income Tax Return forms: ITAT directs recompute Income of Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Inadvertent-error-filing-Income-Tax-Return-Income-Tax-Return-filing-Income-Tax-Return-forms-ITAT-Income-assessee-taxscan.jpg "Inadvertent error in filing Income Tax Return forms: ITAT directs recompute Income of Assessee [Read Order]")
Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that providing uniforms, books or transport services to the students by the assessee trust are not its main objects and these been...
![Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Providing-Uniforms-Books-Transport-Service-s-Students-main-ITAT-Income-Tax-Exemption-TAXSCAN.jpg "Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]")
Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that a charitable organization should not be deprived of the benefit of exemption available to it under Section 11 of the Income Tax...
![Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Benefits-Exemption-Income-Tax-Charitable-Organization-Deprived-due-Technical-Lapses-ITAT-Condones-Delay-TAXSCAN.jpg "Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]")