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2009 (8) TMI 571 - HC - Income TaxCharitable Trust- The assessee, a society registered under section 12A of the Act, was engaged in the business of imparting professional training to probationers of the Central Accounts and Finance Services. The Assessing Officer rejected the claim of the assessee for exemption under section 11 on the ground that the assessee accumulated profits without providing any explanation. The Commissioner (Appeals) held that the utilization of accumulation was on the agenda of the governing body, the purpose of expending for accumulation was for building fund and equipment fund and the period was less then 10 years. The Tribunal upheld the order of Commissioner (Appeals). Held that- dismiss the appeal, that when the assessee had specified the purpose and there was no fault in utilization of the amount, the assessee was entitled to accumulation of income.
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