Charitable Trust Entitled to Indexation Benefit on Capital Gains & Simultaneous Deduction u/s 11(1)(a) and 11(1A)

Advertisement ITO Vs Seth Damji Laxmichand Jain (ITAT Mumbai) Charitable Trust Entitled to Indexation Benefit on Capital Gains & Simultaneous Deduction u/s 11(1)(a) and 11(1A); Revenue Appeal Dismissed – ITAT Mumbai The ITAT Mumbai dismissed the Revenue’s appeal for AY 2012-13 & upheld the order of CIT(A) granting relief to the charitable trust registered u/s 12A. On the issue of indexation benefit, the Tribunal held that while computing LTCG on sale of trust property, the indexed cost of acquisition u/s 48 is allowable, even where the capital gains are claimed as application of...