Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 250 - AT - Income TaxClaim of exemption u/s 11 of the Act – AO rejected the claim of exemption u/s 10(23C) of the Act – Held that:- The income from rent is rightly noted by the CIT (A) that it cannot be assessed as business income as it becomes income from house property only – thus, the of CIT (A) that assessee is in the business and using the Trust for its commercial activity is not correct - as seen from the annual report placed on record, assessee had receipts of training centre receipts from State Government in addition to general donations, dividends, interests and compensation service charges - Since there is no change in the object of assessee and as assessee continue to involve itself in charitable purpose for the help of physically handicapped persons and was receiving grant in aid from Govt. of Maharashtra – the AO’s observations that assessee changed the memorandum of association so that fresh registration is required does not hold good – thus, the order of the CIT(A) upheld – Decided against Revenue.
|