ITAT allows Section 11 Exemption on Interest Income of Charitable Trust

Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra) As the assessee had derived all its income only on account of charitable activities undertaken by it pursuant to its object and for the welfare the general public, which were not in the nature of trade , commerce or business. The income even if any earned by way of the interest income on the fixed deposit is also required to be exempted under section 11 of the Act,as there is no other source of income of the assessee other than doing the charitable activities .For the purpose of exemption of interest income we may rely upon ...