Earning nominal profit not leads to denial of Section 11 exemption: ITAT Mumbai

Advertisement DCIT (Exemptions)-2(1) Vs Otters Club (ITAT Mumbai) Assessee is a trust registered u/s 12A & has claimed exemption u/s 11 as its objects are covered by Sec. 2(15) under ‘advancement of any other object of general public utility’. However assessee also generated income from carrying out activities as part of achieving its objects. Revenue claims that since the assessee is hit by proviso to sec 2(15), its objects are no longer charitable & therefore exemption should be denied. It is important to note that the main objects of the trust have not undergone any change f...