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2009 (8) TMI 38 - HC - Income TaxExemption u/s 11(1)(a) – capital expenditure incurred on fixed assets – application of income – Held that - There may be conceptual difference in the constitution of a Trust or any other Institution if such difference has relevance having regard to statutory scheme for exemption. In the present case, expression used in Section 11 (1) (a) is “income derived from property held under Trust” irrespective of the fact whether income is derived by a Trust or any other Institution. Requirement is only of holding the property under Trust. The Commissioner, referring to the definition of ‘person’ under Section 2 (31) of the Act, observed that neither society was specified as a separate category nor trust was specified as a separate category and both were covered by the expression ‘association of persons’ in clause (v) or by residue clause (vii). – Exemption allowed – appeal dismissed.
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