Charitable entity u/s 2(15) denied exemption u/ss 11 and 12 by ...

Charitable entity granted exemption u/ss 11 & 12 for conducting exhibitions sans commercial intent. Accumulation sans Form 10 condoned. Prior period expenditure allowed.

Case Laws Income Tax

July 22, 2024

Charitable entity u/s 2(15) denied exemption u/ss 11 and 12 by Assessing Officer (AO) on grounds of conducting exhibitions being commercial in nature. ITAT held no markup on consideration charged from exporters, thus activity beyond purview of trade, commerce, business or services related thereto. Assessee not hit by proviso to section 2(15) for conducting exhibitions within India or overseas. AO directed to grant exemption u/ss 11 and 12. Regarding disallowance u/s 11(2) for not specifying objects for accumulation in Form 10, CIT(A) relying on Gujarat High Court and Supreme Court orders held lack of declaration not fatal. Board resolution accumulating surplus for specified purposes u/s 11(2) perused. Claim for prior period expenditure allowed by CIT(A) as expenditure incurred towards trust objects, upheld by ITAT.

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Charitable entity u/s 2(15) denied exemption u/ss 11 and 12 by ...

Charitable entity granted exemption u/ss 11 & 12 for conducting exhibitions sans commercial intent. Accumulation sans Form 10 condoned. Prior period expenditure allowed.

Case Laws Income Tax

July 22, 2024

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