Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl

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..... Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl
Query (Issue) Started By: - Gopal Krishan Gupta Dated:- 4-2-2014 Last Reply Date:- 27-12-2015 Income T .....

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Income Tax
Earlier trust has been registered u/s 12A and its entire income has been exempt. However, Registration of trust has been cancelled by department. Now IT deptt. wants .....

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..... to levy tax on the ground that : Since registration of trust has been withdrawn and it will be tentamount to transfer of assets from registered trust to unregistered trust. Hence, income has not be .....

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..... en applied for specified objects and capital funds( Assets - Liabilities) lying at the time of withdrawl is taxable. I wish to add here that entire income has been utilised for specified objects dur .....

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..... ing exemption. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether you have got clarified in the above issue? If not please inform.
Discussion Forum - Knowledge Sharing .....

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