Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 204 - AT - Income TaxExemption u/s. 10(34) - exemption u/s. 11 is denied to the assessee due to the violation of section 13(1 )(d) - CIT(A) granting exemption u/s. 10(34) when this income forms a part of the income from property held under trust and therefore can only be claimed to be exempt u/s. 11, if applied for charity and not u/s. 10 - HELD THAT:- We find ourself agreement with the submission of assessee and the view taken by the Ld.CIT(A) that the issue stands covered in favour of the assessee by the decision of Jasubhai Foundation [2015 (4) TMI 305 - BOMBAY HIGH COURT]. ITAT decision in the case of Jamsetji Tata Trust [2014 (5) TMI 890 - ITAT MUMBAI] and associate trust of the assessee trust, Shekhar bajaj charitable trust also supports this view. Departments plea in grounds of appeal that Hon’ble jurisdictional High Court in decision in Jasubhai Foundation(supra) has not been appealed before Hon’ble Supreme Court due to low tax effect is not a reason for us to take a contrary view.
|