Section 11 Exemption Allowed as Property in Trustees’ Names Held Not Beneficial to Them

ACIT (Exemptions) Vs Everwin Educational & Charitable Trust (ITAT Chennai) Summary: The case concerns an appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2016–17, wherein exemption under Section 11 of the Income Tax Act was allowed to a charitable trust despite properties being registered in the names of its trustees. The assessee, a registered charitable trust, filed its return declaring NIL income after claiming exemption under Section 11. The original assessment under Section 143(3) accepted the return. Subsequently, the Co...