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2015 (11) TMI 1861 - ITAT CHENNAIExemption u/s 11 - assessee-trust is not registered u/s 12AA of the Act and its activities are also not examined by the lower authorities - Taxation of corpus donations - HELD THAT:- The Tribunal considered the submission of both the counsels where the corpus donations are given with specific direction exempted from income-tax. Since the benefit of sec. 11 will not be available to the trust as it is not registered u/s 12AA of the Act. The ld. Counsel relied upon the order of this Tribunal in case of Pentafour Software Employees Welfare Foundation [2008 (7) TMI 984 - ITAT CHENNAI] which is rendered on different facts wherein the Bench concluded that matter needs to be examined with reference to the scheme of the Act as regards corpus donation, but does not allow corpus donation exempted to unregistered trust. Since the assessee-trust is not registered u/s 12AA, corpus donations are taxed at normal rates. - Appeal of assessee dismissed.
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