Educational trust's appeal against denial of exemption u/s ...

Educational Trust With Income Under Rs. 5 Crore Wins Tax Exemption Appeal u/s 10(23C)(iiiad) At ITAT.

January 23, 2025

Case Laws Income Tax AT

Educational trust's appeal against denial of exemption u/s 10(23C)(iiiad) was allowed by ITAT. The trust, established in 1962, exclusively provides government-recognized educational services with annual income below Rs. 5 crores. ITAT found the institution satisfied all statutory requirements as it existed solely for educational purposes since inception, with no competing activities. The tribunal determined the trust's educational focus was uncontested by revenue authorities and met the criteria for tax exemption. The demand notice was nullified as the trust qualified for relief under 10(23C)(iiiad). ITAT directed revenue authorities to process exemption and withdraw assessment proceedings.

View Source

← Previous Next →

Educational trust's appeal against denial of exemption u/s ...

Educational Trust With Income Under Rs. 5 Crore Wins Tax Exemption Appeal u/s 10(23C)(iiiad) At ITAT.

January 23, 2025

Case Laws Income Tax AT

You may also like:

Exemption u/s 10(23C)(iiiad) - Threshold limit of Rs. 1 Crore - The Appellate Tribunal found that the appellant's gross receipts, when considering certain fee receipts...

Exemption under section 10(23C)(iiiad) - educational purpsoe - If the existence of the assessee was not for the purposes of profit, but solely for educational purpose,...

Sub-section (1) in Section 5 amended to not levy integrated tax on Extra Neutral Alcohol used for manufacturing alcoholic liquor for human consumption. Section 6A...

Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

The ITAT Chennai held that the denial of registration u/s 80G(5) to an old trust was unjustified as the trust existed before the new registration regime. The trust...

Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

Denial of exemption u/s 10(23C)(iiiad), addition of unexplained cash credits u/s 69A. Registration granted u/s 12AA from 23-02-2019 indicating trust not exclusively...

Grant of approval for exemption u/s.10(23C)(vi) - AOP - Since the AOP is recognised as a "person" for the purpose of Income Tax Act, 1961 and Section 10(23C) of the Act...

Nexus between loans taken from SBH and PNB initially advanced to Nandan Corporation and subsequently transferred Rs. 5 crore from Nandan Corporation to Tripoli...

The circular enhances monetary limits for filing appeals by the Income Tax Department before Income Tax Appellate Tribunal, High Courts, and Supreme Court. For appeals...

Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

The ITAT decision addressed rectification of intimation u/s 154, relating to denial of claim u/s 10(23C)(iiiad) due to non-filing of Form 10BB. The appellant's income...

The ITAT decided on the rejection of a Trust's application for approval u/s 80G(5) due to "religious" expenses. The CIT(E) did not seek specific details before rejecting...

The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that...

Exemption u/s 10(23C)(iiiad) – computation of limit of ₹ 1 crores - sale proceeds of land and bonds cannot be equated to annual receipts as stated u/s 10(23C) - HC

Quick Updates: