Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2023 (2) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 535 - SUPREME COURTExemption u/s 11 - income from newspapers, which included advertisement revenue and surplus from its activities in Delhi - interpretation of “charitable objects” under Section 2 (15) - As submitted activity of generating income through advertisement is only incidental and income from advertisement cannot be called part of the main object of the trust but rather necessary for it to attain its charitable objectives - HELD THAT:- Appellate Commissioner, the ITAT and the High Court merely followed the judgment of the Delhi High Court in India Trade Promotion Organisation [2015 (1) TMI 928 - DELHI HIGH COURT] However, the law with regard to interpretation of Section 2 (15) has undergone a change, due to the decision in Ahmedabad Urban Development Authority [2022 (10) TMI 948 - SUPREME COURT] As a result, this court is of the opinion, that matter should be remitted for fresh consideration of the nature of receipts in the hands of the assessee, in the present case. As a result, the matter requires to be re-examined, and the question as to whether the amounts received by the assessee qualify for exemption, under Section 2 (15) or Section 11 needs to be gone into afresh. The revenue’s appeal succeeds in part. AO shall examine the documents and relevant papers and render fresh findings on the issue whether respondent is a charitable trust, entitled to exemption of its income.
|