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2013 (9) TMI 965 - HC - Income TaxAdditions u/s 68 of the Income Tax Act – Exemptions u/s 11 of the Income Tax Act – Held that:- Reliance has been placed upon the judgment in the case of Director of Income-Tax (Exemption) v. Keshav Social and Charitable Foundation [2005 (2) TMI 84 - DELHI High Court], wherein it was held that under Section 11 (1) every charitable or religious trust is entitled to deduction of certain income from its total income of the previous year. The income so exempt is the income which is applied by the charitable or religious trust to its charitable or religious purposes in India. This is, subject to accumulation up to a specified maximum which was 25 per cent. In the present case that the assessee had applied more than 75% of the donations for charitable purposes as per its objects - The Delhi High Court in the abovementioned case, further held that Section 68 of the Act has no application in such case where the assessee had disclosed donations as its income - If there is full disclosure of the donation for whatever purpose and that the registration under Section 12-A is continuing and valid, exemptions cannot be denied – Decided against the Revenue.
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