Latest news with #RishabhBajaj
Time of India
03-08-2025
- Business
- Time of India
HC upholds ITAT order granting 80G approval to Raipur-based society
Raipur: In a significant judgment, the Chhattisgarh High Court upheld a decision by the Income Tax Appellate Tribunal (ITAT) that allowed a Raipur-based society to receive tax exemption benefits under Section 80G of the Income Tax Act. The court ruled that since the society already had a valid registration under Section 12AA—which confirms its charitable status—the Income Tax Department could not deny 80G approval by questioning its activities. The court dismissed the department's appeal, stating that the ITAT followed legal precedent and committed no error in granting the relief. The High Court ruled that the Income Tax Appellate Tribunal (ITAT) was correct in directing that a society should be granted approval under Section 80G of the Income Tax Act, 1961, as long as its registration under Section 12AA of the Act is in existence. The court dismissed an appeal filed by the Income Tax Department, stating that no illegality or irregularity was committed by the ITAT in setting aside an order from the Commissioner of Income Tax (CIT). Section 80G of the Income Tax Act, 1961 provides tax deductions to individuals and companies who donate to charitable institutions and funds in India, while Section 12AA of the Income Tax Act, 1961 deals with the registration of trusts and other charitable or religious institutions to avail tax exemptions on their income. The case involves a society that applied for approval under Section 80G of the Act on 28 Feb 2014. The CIT, Raipur, rejected the application on 25 Aug 2014, finding that the society was engaged in commercial activities and could not be considered a charitable organisation. The CIT noted that the society was running institutes on commercial lines, took large bank loans for infrastructure, and rented out its buildings for commercial purposes. The society filed an appeal with the ITAT, Raipur Bench, which allowed the appeal on 15 Jan 2019. The ITAT set aside the CIT's order and directed that the society be granted approval under Section 80G. The Income Tax Department, challenging the ITAT's decision, argued that the tribunal failed to appreciate that the society was providing vocational education for a fee, which it said did not qualify as "education" under Section 2(15) of the Act. The department contended that the society's work was commercial and not charitable. Counsels for the society, Sumesh Bajaj and Rishabh Bajaj, supported the ITAT's order. They argued that benefits under Section 80G of the Act cannot be denied if registration under Section 12AA is valid and has not been cancelled. They stated that the society's registration was renewed until Assessment Year 2026-27. The counsel cited judgments from the Supreme Court and the High Courts of Gujarat and Punjab and Haryana to support their arguments. After hearing both sides and reviewing the orders, Chief Justice Ramesh Sinha and Justice Bibhu Datta Guru ruled in favour of the society. The court noted that the ITAT's decision was based on a precedent from the Gujarat High Court, which held that once registration under Section 12AA of the Act is granted, the benefits cannot be denied. The court observed that the department had not presented any material to show that the decision relied upon by the ITAT was set aside by a higher judicial forum. It held that the ITAT had not committed any illegality or irregularity. The High Court answered the substantial question of law in favour of the respondent and against the appellant. It upheld the ITAT's decision, ruling that as long as the registration under Section 12AA of the Act is in existence, the Income Tax Department cannot make a further enquiry into the genuineness of the society's activities and whether they are charitable. The appeal filed by the Income Tax Department was dismissed. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
India.com
14-05-2025
- Entertainment
- India.com
5 Famous TV Actors Who Own Successful Business Ventures Worth Crores: Once A Daily Soap Actress, Now Owns Beauty Brand Worth Rs 1300 Cr
4 / 6 One of the highest paid television actor in India, he has earned numerous accolades for his over 3 decades of work in the showbiz industry. He made his debut in movies with Jaan Tere Naam (1992) which was a commercial success. He has featured in several successful films and TV shows including Bomb Blast, Udaan, That Girl in Yellow Boots, Student of the Year, Midnight's Children, Shootout at Wadala and, Ugly and Kaabil to name a few. He played the iconic Mr Rishabh Bajaj in Balaji Telefilms' Kasautii Zindagii Kay, Kyunki Saas Bhi Kabhi Bahu Thi as Mihir Virani, replacing Amar Upadhyay and Inder Kumar. He also owns Ace Security and Protection agency (AceSquad Security Services LLP). It currently caters to Bollywood actors such as Salman Khan, Amitabh Bachchan, Mithun Chakraborty, Shah Rukh Khan, and Aamir Khan and recently Saif Ali khan, also to Indian Premier League ex-Chairman and ex-Commissioner Lalit Modi and his son Ruchir Modi. As per he has a net worth of about Rs 99 crore.
