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Profits earned by charitable trust from construction projects not exempt u/s.11, but deductible u/s. 80-IB(10)
Case Law Details
- Case Name
- India Heritage Foundation Vs Deputy Director of Income-tax (Exemptions) (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Bangalore
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ORDER
N.V. Vasudevan, Judicial Member –
This is an appeal by the Assessee against the order dated 19.12.2011 of Director of Income-Tax (Exemption), Bangalore, (“DIT”) passed u/s.263 of the Act relating to AY 2009-10.
2. The Assessee is a charitable institution registered u/s.12A of the Income Tax Act, 1961 (“the Act”). For AY 2009-10, the Assessee filed a return of income declaring Nil income. By an order dated 18.3.2011 passed u/s.143(3) of the Act, the AO accepted the income so returned by the Assessee.
3. The DIT in exercise of his powers u/s.263 of the Act per...
