Judgement

The Gujarat High Court rules that Section 13 cannot be invoked to deny trust registration under Section 12AB; it applies only during assessment.

Section 13 Applicability Deferred to Assessment Stage, Revenue Appeal Dismissed 

News

IIFL informed stock exchanges that its subsidiaries received tax assessment orders totalling Rs 56.28 crore but expect no significant financial impact and plan to challenge them legally.

IIFL Subsidiaries Receive Income Tax demand worth Rs 56 Crore; Company Confident of Legal Stand

Only sale (credit entries) taxable under Section 68, not purchases; ITAT upheld limited addition and dismissed Revenue’s appeal.

 Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC refuses interference, holds factual issues on foreign remittances must be examined by Assessing Officer.

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

ITAT condoned a 1004-day delay and ordered fresh adjudication after finding ex parte tax proceedings violated principles of natural justice, while dismissing one appeal and partly allowing the other.

1004 Day Delay Condoned: ITAT Kolkata Criticises Lack of Hearing, Remands Case for Fresh Consideration

Exemption under Section 11(2) was denied due to a vague purpose (“Social”) in Form 10. The ITAT required a clear purpose but remanded the case to verify actual utilization.

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Section 13 Applicability Deferred to Assessment Stage, Revenue Appeal Dismissed

IIFL Subsidiaries Receive Income Tax demand worth Rs 56 Crore; Company Confident of Legal Stand

Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

1004 Day Delay Condoned: ITAT Kolkata Criticises Lack of Hearing, Remands Case for Fresh Consideration

Vague Purpose in Income Tax Form 10 Leads to Section 11(2) Denial; ITAT Remands for Verification of Fund Utilization