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2013 (12) TMI 468 - AT - Income TaxRenewal of exemption u/s 80G(5) - As per the income and expenditure statement as on 31.3.2009, 31.03.2010 and 31.03.2011 there is surplus of income over expenditure to the tune of Rs. 34,01,445 - The gross receipts of the assessee society for the three years were Rs.3,65,99,748/-, Rs.3,01,39,572/- and Rs.3,66,37,960/- respectively – Held that:- The assessee trust runs Working Women's Hostel, M.R. School, Home for disabled persons, Empowerment Centre etc. on purely commercial basis - The assessee has shown in its books of account profit grants from Government and other forums - The main expenditure has been incurred only with regard to running of the school - The assessee has not been able to place any document on record to show that the assessee is actually utilizing the funds towards charitable activities - During the course of carrying on charitable activities, the charitable institution may earn some income but the income so earned has to be utilized for charitable purposes only – Decided against assessee.
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