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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The issue is one, namely, whether the assessee was entitled to claim benefit of section 11(1)(d) of the Income Tax Act,1961 with respect to Government grant of Rs. 8.97 crores received during the assessment year in question.
In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act.
Whether the activity of conducting one-day matches’T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade?
The textbooks are provided by the Assessee to the students at subsidised rates. Even the textbooks books, reading materials and school bags are being distributed free to deserving students. The essential activity of the Assessee is connected with ‘education’ and nothing else.
The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act.
We are prima facie of the opinion that the activities of the assessee of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are in the nature of carrying on trade, commerce, or business for consideration, which are hit by proviso to Section 2(15) of 1961 Act.
The assessee is a charitable trust and has challenged the confirmation of the order of the AO where he disallowed the accumulation of the 15% even when the income was allowed u/s.11(1)(a) of the Act. The AO observed that if the trust is not left with surplus and there is deficit, then there can be no accumulation made. He further stated that accumulation or setting apart of 15% of income has been allowed by virtue of provision of section 11(1)(a) of the Act, when assessee is unable to spend the entire amount and where the entire amount has been spent, there is no surplus left that can be accumulated.
In this appeal filed by the Revenue, it is aggrieved that ld. Commissioner of Income Tax (Appeals) allowed the assessee claim for its exemption u/s.11 of the Income Tax Act, 1961 (in short BC the Act CC). Appeal has been filed with a delay of ten days. Condonation petition has been filed. Delay is condoned and appeal admitted.
Payment of Scholarship by Charitable Trust for pursuing Engineering course from University of California, Los Angeles, USA in accordance with its objects is ‘Charitable Expenditure
We do not find any infirmity in the order of Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) has rightly followed the law laid down in the case of Commissioner of Income Tax Vs. FR. Mullers Charitable Institutions (supra). The ld. DR could neither rebut the findings of First Appellate Authority nor any contrary judgment was brought to our notice. The impugned order is upheld and the appeal of the Department is dismissed being devoid of any merit.
