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2011 (10) TMI 637 - AT - Income TaxBenefit for exemption u/s 11 - Held that:- more than 85% of the income has been utilized for charitable purposes - Held that:- Interest of justice will be served, if the matter remitted to the file of the Assessing Officer to consider the issue as to whether after taking into account the donations as the income of the assessee 85% has been utilized for charitable purposes or not. If more than 85% has been utilized for charitable purposes, assessee shall be entitled to benefit u/s. 11 of the IT Act. In that case the addition of the donations as unexplained deposits will be liable to be set aside. Accordingly, issue stands remitted to the files of the Assessing Officer.
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