Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 782 - AT - Income TaxExemption u/s 10(26B) - AO found that assessee-society was just doing work for general urban public as a whole and was not promoting schedule caste or tribe, therefore not eligible for exemption u/s 10(26B) - AO also found that assessee was granted registration u/s 12A only w.e.f. 24.4.2006, therefore income of the society is not eligible for exemption u/s 12A during the relevant year under consideration - Accordingly, surplus as per income and expenditure account and the amount of grant not utilized during the year were brought to tax - Held that:- assessee society was not doing any work in the interest of scheduled castes or scheduled tribes or backward classes, but doing the work for general urban public as a whole. Accordingly, it was not entitled for claim of exemption u/s 10(26B), Assessee society was not only in receipt of interest income from bank but it was also paying interest on the funds borrowed by it from HUDCO. All these facts and figures are duly fortified by the audited income and expenditure account filed with the return of income, AO directed to bring to tax the surplus income as shown by assessee in its Audited Income and Expenditure Account, appeal of the Revenue is allowed.
|