Profits earned by charitable trust from construction projects not exempt u/s.11, but deductible u/s. 80-IB(10)

ORDER N.V. Vasudevan, Judicial Member – This is an appeal by the Assessee against the order dated 19.12.2011 of Director of Income-Tax (Exemption), Bangalore, (“DIT”) passed u/s.263 of the Act relating to AY 2009-10. 2. The Assessee is a charitable institution registered u/s.12A of the Income Tax Act, 1961 (“the Act”). For AY 2009-10, the Assessee filed a return of income declaring Nil income. By an order dated 18.3.2011 passed u/s.143(3) of the Act, the AO accepted the income so returned by the Assessee. 3. The DIT in exercise of his powers u/s.263 of the Act per...