Section 11 Exemption Allowed on Kuri Business Profits Applied for Trust Objects

Sree Narayana Dharma Paripalana Appellant Youvajana Samithi Vs ITO (ITAT Cochin) Income Tax Appellate Tribunal (ITAT) Cochin Bench has ruled in favor of Sree Narayana Dharma Paripalana Appellant Youvajana Samithi, a charitable trust, allowing its claim for exemption under Section 11 of the Income Tax Act, 1961, for income derived from its Kuri business. The decision overturns previous assessments by the Income Tax Officer (Exemption), Thrissur, and the Commissioner of Income Tax (Appeals)-5, Mumbai. The case, pertaining to Assessment Year 2012-13, saw the appellant, a trust registered under Se...