Charitable Trusts Not Claiming Section 11 Exemption Taxable at Normal Slab Rates

Narmada Trust Vs ITO (ITAT Delhi) Tax Me, Not Maximally! – ITAT Delhi Tells CPC to Drop the 30% Hammer on Narmada Trust- Taxable at Normal Slab Rates, Not at Maximum Marginal Rate Assessee had filed its return for AY 2023-24 declaring income of ₹47.95 crore. The CPC, while processing the return u/s 143(1), levied tax at 30% along with surcharge @37%. CIT(A) upheld this adjustment, treating the Trust as an AOP with indeterminate shares. Before the Tribunal, Assessee explained that it had surrendered its 12A registration, was not claiming exemption u/s 11 & had been regularly carrying ou...