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2018 (3) TMI 887 - AT - Income TaxAllowability to exemption to the assessee u/s 11 & 12 - sale the immovable property for medical facilities - benefit denied as activities of the trust were not chargeable in nature to trust - proof of charitable activities - Held that:- It is undisputed fact that there was no change in the object clause of the trust since its inception. On the basis of same objects Clauses, the trust was granted registration under Section 12A / 80G of the Act. The assessee during the year has sold its plots no. 1202, 1203 and 1204 admeasuring 5.692 Acres to M/s OSL Health Care Private Limited for an amount of ₹ 47,69,97,000/-. On perusal of the balance-sheet enclosed at pages 42 of the paper book as on 31st March, 2011, it was observed that the amount of sale consideration was deposited in saving bank account and term deposited for ₹ 58,11,71,654/- which is an eligible investment as per Section 11(5) of the Act. Thus, there remains no doubt that the fund was not used other than the charitable purposes. Thus the activities of the trust are carried out in accordance with objects mentioned in the trust deed and accordingly there is no violation under the provisions of Section 11 / 12 - Decided in favour of assessee
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