CPC cannot treat entire receipts of charitable trust as taxable income: ITAT Cuttack

Maharaja Agrasen Trust Kantapala Vs ITO (ITAT Cuttack) The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has set aside a summary assessment notice issued by the Centralised Processing Centre (CPC) under Section 143(1) of the Income Tax Act, 1961, against Maharaja Agrasen Trust Kantapala, a charitable institution registered under Section 12A. The dispute for Assessment Year 2023-2024 centered on the CPC’s action of entirely disallowing the Rs. 7,93,988$ claimed by the Trust as an application of funds. The CPC’s adjustment effectively treated the Trust’s entire gross receipts Rs...