Home Highlights October 2011 Year 2011 This

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1. The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim....

2. Charitable Trust - if commercial principles are applied then adjustment of expenses incurred by the trust for charitable religious purpose in the earlier years against...

3. Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

4. Exemption u/s 11 - application filed by the assessee in Form No.10AB for registration u/s 12AB rejected finding that the objects of the assessee were for the benefit of...

5. Charitable trust provided educational grants to Indian students for pursuing higher education abroad. The issue pertained to whether such grants constituted "application...

6. Assessment of trust - claim of depreciation - Exemption u/s 11 - section 32 of the Income-tax Act providing for depreciation for computation of income derived from...

7. Depreciation claim denied - earlier claim as application of income u/s 11 - depreciation is allowable on capital assets on the income of the charitable trust for...

8. If commercial principles are applied, then adjustment of expenses incurred by the trust for charitable and religious purposes in the earlier years against the income...

9. Exemption u/s 11 - Claim of set off of carry forward of losses - if commercial principles are applied then adjustment of expenses incurred by the trust for charitable...

10. Registration u/s 80G(5)(vi) - The appellant, seeking registration under Section 80G(5) of the Income Tax Act, had their application rejected due to the mention of...

11. The reopening of assessment u/s 147 cannot be sustained as the exemption u/s 11 was wrongly denied. The notice claimed the petitioner engaged in commercial activities,...

12. Charitable trust registered u/s 12A faced disallowance of benefit of accumulation of funds u/s 11(2) as income was not utilized for the intended purpose. The trust's...

13. The Appellate Tribunal addressed the issue of exemption u/s 11 for income from property held for charitable purposes. It held that the provision of section 11(1)(a)...

14. Exemption u/s 11 - grant of registration u/s.12AA - “Religious Trust” v/s “Charitable Trust” - The objects do not channel the benefits to any community and thus, would...

15. Exemption u/s 11 - Charitable activity u/s 2(15) - Commercial activity - Citing past decisions favorable to the trust under similar assessments, the Tribunal reiterated...