2023 (5) TMI 1015 - SCH - Income Tax

Assessment of trust - Deduction u/s 11 - ITAT held that receipt of fee in the nature of capitation fee by the Appellant Trust in excess of the permissible fee would rendered the Appellant Trust ineligible for deduction under Section 11 - whether whole of the income of the Appellant Trust was liable to be taxed at the maximum marginal rate contrary to Section 164(2)? - HELD THAT - We are not inclined to interfere with the impugned judgment and hence, the special leave petition is dismissed. At the request of the learned counsel for the petitioner, we grant time to the petitioner for payment of arrears by way of eight equal monthly installments, beginning from 01.05.2023 till 01.12.2023.

Summary

The Supreme Court dismissed the special leave petition but granted the petitioner time for payment of arrears in eight equal monthly installments starting from 01.05.2023 till 01.12.2023.