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TRUST ITAT RULING
Reliance Foundation secures major win as ITAT overturns cancellation of charity registrationReliance Foundation has won a legal battle against the Income Tax authorities regarding the 'charitable' status of its Mumbai hospital. A t...- Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled itAn Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal,...
- Buckeye Trust ruling: How a single clause drafted without sufficient precision in trust deeds can trigger tax risk and derail estate planningWhether in trust deeds, corporate agreements or commercial contracts, even a single clause drafted without sufficient precision can signifi...
- Equity shares received by private trust for relatives’ benefit are exempt from income tax, ITAT Chennai rulesA private trust received shares worth Rs 15.78 crore from its creator for family benefit. The Income Tax Appellate Tribunal ruled this tran...
- Rs 80 lakh tax demand quashed: ITAT Mumbai says stamp duty value not applicable to life interest in family trustITAT Mumbai ruled that stamp duty rules under Section 50C do not apply to the transfer of a life interest in family trust property. The tri...
- Shadow of tax over charitiesWith the Supreme Court on two separate rulings on the same day laying down the principles for an educational trust and a general public uti...
- The curious tax case of Mr. and Mrs. ThakkarThe cases relate to South Mumbai residents, Dilip Thakkar, a reputed chartered accountant, and his wife Indira Thakkar whose father had set...
- Taxmen will now have an edge in old foreign asset casesITAT, a quasi-judicial authority and the final fact-finding body, has sent the matter back to the Commissioner (Appeals), which constitutes...
- IPL not liable to tax, it's sport promotion, rules ITATThe Income Tax Appellate Tribunal (ITAT), in an appeal filed by the BCCI, upheld the arguments of the sports body that even though it's mak...
- Yash Birla wins Round 1 of a Rs 8,400-crore bout with tax departmentIn one of the first high-profile cases under the new Black Money law, Yashovardhan Birla has won the first round in his tussle with the Inc...
- No tax on foreign account if Indian not beneficial owner: Income Tax Appellate TribunalIt all began when a search was conducted in the case of Rakesh Agarwal Group, Baroda, and details of six trust companies came to light, one...
- Relief for six Tata trusts facing tax demand of Rs 20,000 croreThe ITAT said tax authorities ought to have accepted the voluntary action by the trusts to surrender their registration in March 2015 — the...
- In a second win, tax-exempt status of Tata Trusts upheldThe Mumbai bench of the ITAT rejected the income tax department’s claims that the trusts had violated laws related to charitable trusts by ...
- ITAT rules in favour of Tata Education trust, disallows IT dept’s demand of over Rs 100 crEarlier, the Public Accounts Committee (PAC), in its report submitted to the Lok Sabha had noted that the Tata Trust was allowed an exempti...
- Trust registration: Tatas move ITAT against cancellation dateThe Income Tax Appellate Tribunal had cancelled 6 Tata Trusts' registrations from October 31, 2019. If a charitable organisation’s registra...
- Income Tax Appellate Tribunal to prioritise pending tax cases of salaried, senior citizensAppeals filed by or against individuals over 80 years, will also be given a priority in all cases, irrespective of their nature of income.
- ITAT ruling gives a boost to black money fightThe ITAT observed, "Discretionary trusts are created for the benefit of specific persons and those persons need not necessarily control the...
- Donations to trusts are not business expenditure: ITATDonations to trusts can not be treated as business expenditure, the tax tribunal said while giving a ruling in a case involving an advocate...
- ITAT makes trusts' registration with I-T Dept easierThe tax tribunal has ruled that registration process would be deemed to be complete if the application is not rejected by the concerned off...
- Educational donations will not be taxedThe Income Tax Appellate Tribunal (ITAT) Mumbai has ruled that donations to educational institutions are exempt from taxation, if there is ...
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