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

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..... 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 to levy tax on the ground that .....

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..... : Since registration of trust has been withdrawn and it will be tentamount to transfer of assets from registered trust to unregistered trust.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 been applied for specified objec .....

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..... ts 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 during exemption. - Reply By .....

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..... MARIAPPAN GOVINDARAJAN - The Reply = Whether you have got clarified in the above issue? If not please inform. - Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of w .....

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..... ithdrawl - Query Started By: - Gopal Krishan Gupta Dated:- 4-2-2014 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manag .....

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..... ement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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