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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Dive into Lok Sabha Unstarred Question No. 2302 to understand the tax exemption status of BCCI, potential changes, and insights into its income during the IPL-2023 tournament.
Delhi High Court dismisses Environics Trust’s writ challenging the IT Act reassessment order. Detailed analysis of the judgment and key legal arguments.
Explore the ITO vs. Papathiyammal Pitchai Educational Trust case at ITAT Chennai, where a dispute over the denial of Section 11 deduction unfolds for AY 2020-21.
ITAT Delhi held that disallowance of expenditure owing to suspension of business unsustainable as there is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation.
ITAT Delhi held that donations received cannot be considered to be anonymous donations under section 115BBC as details i.e., name, address, PAN, amount of donations of donors provided and not proved to be wrong.
ITAT Chennai held that revision order u/s. 263 unjustified and liable to be quashed as no findings which proves that there is a violation of the proviso to provision of section 2(15) of the Income Tax Act, 1961. Accordingly, exemption u/s. 11 rightly claimed.
Explore SAE India vs ITO tax dispute (ITAT Chennai) over Section 11 exemption, GPU classification, mutuality principles. Key issues, grounds, and legal analysis.
ITAT Chennai held that corpus donations received by the Trust is income of the Trust when the Trust is not entitled for the exemption under section 11 of the Income Tax Act.
ITAT Mumbai held that merely because an assessee is registered u/s 80G of the Act will not automatically mean that such Trust cannot have any religious purpose and therefore cannot avail benefit of Section 115BBC(2)(b) of the Income Tax Act.
ITAT Chennai approves Section 11 exemption for voluntary school corpus donations from parents. Get insights into this tax case.
