Section 12-AA Registration Upheld for Statutory Body Performing Charitable Purpose of Education and Rural Development: ITAT Chandigarh
ITAT Chandigarh upheld Section 12-AA registration for HRDF Administration Board, recognizing its activities in promoting education and rural development in Haryana as qualifying charitable purposes under the Income Tax Act.
Interest Cannot Be Imposed on Advance Sales Tax Without Wilful Default: Punjab and Haryana High Court Quashes Notice Under Section 25(5) of the Haryana General Sales Tax Act in Escorts Limited
The Punjab and Haryana High Court quashes a notice demanding interest on excess sales tax payment, holding that interest and penalties cannot be imposed absent deliberate defiance of law or tax evasion, especially where the taxpayer acted on the assessing authority's own instructions.
Assignment Deed for Transfer of Loan by Asset Reconstruction Company Falls Under Article 62(c) and Not Article 23 of the Indian Stamp Act; Recovery of Deficient Stamp Duty Barred by Limitation Under Section 47-A: Punjab and Haryana High Court
The Punjab and Haryana High Court held that assignment deeds executed by an ARC for transfer of loan recovery rights fall under Article 62(c) (mortgage instruments) of the Indian Stamp Act, not Article 23 (conveyance), and that proceedings for recovery of deficient stamp duty initiated beyond the three-year limitation under Section 47-A are time-barred.