Donation by assessee trust to a university approved U/s. 10(23C)(vi) is for charitable purpose & eligible for section 11 exemption

Singhania Foundation Education Trust Vs. DDIT (ITAT Kolkata) Assessing Officer denied the exemption under section 11 of the Act, based on the reason that income of Rs. 22,83,087/- of Singhania Foundation Education Trust (in brief ‘Trust’) was transferred to Singhania Foundation Education Samity (in brief ‘Samity’) for mutual benefit and both have a common key person namely Shri D.C. Singhania who have substantial interest in both, that is, in ‘Trust’ as well as in ‘Samity’. The AO also noted that facts and circumstances of the case is not coming within the exceptional circumsta...