Income generated by trust during pendency of its Sec. 12A registration is also eligible for exemption: ITAT

INCOME TAX : Where assessee-trust, engaged in social and religious activities, was denied exemption under section 11 on ground of non-registration under section 12A, however, during pendency of appeal filed by assessee before CIT (A) against same, assessee obtained registration under section 12A, assessee’s case would be covered under deemed registration and, thus, assessee would be entitled to claim exemption under section 11

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Fare hiked during Covid-19 pandemic to discourage unnecessary travel didn’t amount to abuse of dominance by Railways

COMPETITION LAW : Where informant, law students filed information alleging that Indian Railways were charging higher ticket fares under garb of COVID-19 pandemic, which amounted to abuse of dominant position in contravention of provisions of section 4, however, Indian Railways had clarified that fares had been increased by it to discourage people undertaking unnecessary travel in COVID pandemic, there being no prima facie case, information was directed to be closed forthwith

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317405/fare-hiked-during-covid-19-pandemic-to-discourage-unnecessary-travel-didn’t-amount-to-abuse-of-dominance-by-railways.aspx

No sec. 194J TDS is required on charges paid for facilities provided by Stock Exchange to its members : ITAT

INCOME TAX : In view of provisions under section 14A read with rule 8D(iii), only those investments are to be considered for computing average value of investment which yielded exempt income during year

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Assessee can't be asked for making pre-deposit against an erroneous demand of service tax: SC

EXCISE/ST/VAT: Where impugned demand/assessment itself is erroneous in view of undisputed fact that services provided by appellant assessee are not covered commercial training or coaching services so as to become liable to pay tax, assessee cannot be asked for making pre-deposit against an erroneous demand

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Compensation received from builder for its failure to deliver flats in time taxable under head capital gains: ITAT

INCOME TAX : Where assessee entered into a Builder-Buyer Agreement (BBA) for purchasing a villa but on builder's failure of giving possession of villa within stipulated time, BBA was cancelled, compensation received by assessee for such cancellation of BBA was to be treated as a capital receipt and same was chargeable to tax as capital gains

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CIT(A) can’t make disallowance of interest exp. as same wasn’t subject matter of assessment before AO: ITAT

INCOME TAX : Where issue related to disallowance of interest expenditure incurred by assessee on loan borrowed by it was not subject-matter of assessment before Assessing Officer, impugned order passed by Commissioner (Appeals) disallowing interest expenditure incurred on loan taken by assessee under section 36(1)(iii) was unjustified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315719/cita-can’t-make-disallowance-of-interest-exp-as-same-wasn’t-subject-matter-of-assessment-before-ao-itat.aspx

Sec. 263 revision can be exercised if appeal was filed against order of AO but CIT(A)’s decision is pending: ITAT

INCOME TAX : Unlike the proviso to section 33A of the 1922 Act which has been omitted by section 263 of the Act, Explanation 1(c) in section 263 does not completely exclude the jurisdiction of PCIT to revise AO's order if the order is pending in an appeal before the CIT(A) or has been made the subject of an appeal to the ITAT.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318184/sec-263-revision-can-be-exercised-if-appeal-was-filed-against-order-of-ao-but-cita’s-decision-is-pending-itat.aspx