Income received from a charitable/religious trust will be tax-exempt under Section 11, provided that the activity being performed is incidental to the attainment of objectives set by the trust/institution, and separate books of account are maintained by the particular trust/institution pertaining to the business. In this article, we look at some of the major exemptions provided under Section 11 of the Income Tax Act.
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ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual verification.
Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and financial evidence, and the possibility of influencing witnesses or obstructing the investigation, the applicant had failed to make out a case for the exercise of the Court’s discretionary jurisdiction to grant anticipatory bail. Hence, the anticipatory bail application was dismissed.
ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider the audit report.
ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing under Section 143(1). The adjustment was deleted.
ITAT held that CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was quashed and the assessees appeal was allowed.
The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessment.
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already available before processing the return under Section 143(1). The Tribunal allowed the trust’s appeal and directed grant of the exemption.
The ITAT Raipur held that an application for final approval under Section 80G cannot be rejected solely because it was filed belatedly. It remanded the matter after directing the CIT(Exemption) to examine the trust’s genuineness and statutory conditions on merits.
The ITAT Hyderabad held that excess application of income by a charitable trust can be adjusted against subsequent year’s income if supported by the trust’s books and records. It remanded the matter to the AO only for factual verification.
