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Violation of Section 13 of the Income Tax Act – Denial of entire exemption vs. partial exemption
By Abhinov Vaidyanathan
The Income Tax Act, 1961 provides for various benefits for trusts which are established for charitable or religious purposes and are registered under the said Act. The exemption provided for under Sections 11 and 12 of the said Act is subject to certain restrictions under Section 13. The article in this issue of Direct Tax Amicus discusses the implications of Section 13 which purports to deny the exemption available in certain specified scenarios. It also takes note of the issue as to whether a contravention under Section 13(1)/(2) would lead to denial of partial or entire exemption under Sections 11 and 12. Discussing the amendments in Sections 13 and 115BBI, which are bound to come into effect from 1 April 2023, the article discusses elaborately the question as to what would be the position for periods prior to the effective date of the amendment. According to the author, even though the beneficial amendment is to come into effect only from 1 April 2023, denial of the entire exemption for one violation may be too harsh...
Notifications & Circulars
Electoral Trust – Process of filing application for approval/ renewal of an Electoral Trust standardized
Condonation of delay in filing of Forms Nos. 10BB and 10B for AY 2018-19 and subsequent years
Condonation of delay in filing of Forms Nos. 9A and 10 for AY 2018-19 and subsequent years
Limited Liability Partnerships – Procedure of PAN application and allotment through simplified proforma for incorporating LLPs electronically, specified
Time limit for verification of ITR-V form reduced from 120 days to 30 days of transmitting data of ITR electronically
Ratio decidendi
Revenue share fee from restaurant/retail outlets, received by airport operators, falls within ‘infrastructure facility’ and is eligible for deduction under Section 80-IA – ITAT Bengaluru
Explanation to Section 14A has retrospective effect and is applicable even when exempt income is less than the expenditure incurred in relation to the same – ITAT Guwahati
Deductions made for improvements of leasehold business outlets allowable as revenue expenditure – Allahabad High Court
Payments made to digital media advertisement agency is not ‘professional services’ and is subject to tax under Section 194C – ITAT Mumbai
Income earned as consideration from sale of software is not taxable as royalty income – ITAT Delhi
