ITAT-Cuttack: Unregistered Trust—Only Net Income is to Be Taxed

Sukanti Educational and Charitable Trust Vs ITO (ITAT Kolkata) Summary The trust, which runs three educational institutions, had its gross receipts taxed fully after failing to file certain audit forms and respond to notices. Arguing that only the net surplus after expenses should be taxed—and that some income should be exempt under section 10(23C)(iiiad)—the trust challenged the assessment and order from the Commissioner of Income Tax (Appeals). The ITAT observed that the authorities had not properly considered evidence of expenditure and prior assessments. The case is now to be reassess...