TMI BlogDenial of Exemption under section 11 & 12 - Section 13(1)X X X X Extracts X X X X X X X X Extracts X X X X ..... gious purposes which does not ensure for the benefit of the public However where the trust is for private religious purposes, the exclusion will not apply to that part of the income from property held under trust, which does not ensure for the benefit of the public. [Ganeshi Devi Rami Devi Charitable Trust vs CIT 1968 (7) TMI 6 - Calcutta High Court] (b) Income for the benefit of particular religi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) TMI 99 - Jammu and Kashmir High Court ] (c) Income for the benefit of specified persons referred to in section 13(3) If any part of income of a religious/ charitable trust/ institution ensures directly or indirectly for the benefit of any person specified in section 13(3) or any property of the trust is during the previous year applied or used directly or indirectly for the benefit of any person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o tax. [CIT vs St. Joseph s Convent Chandannagar Educational Society 2018 (5) TMI 1277 - Calcutta High Court] Penalty is leviable on the amount of income provided as benefit to person referred in section 13(3). [ Section 271AAE ] if during any proceedings under this Act, it is found that a person, being any fund or institution referred to section 10(23C) (iv)/(v)/(vi)/(via), or any trust or instit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilable where sum money sum of money or property has been received by specified persons u/s 13(3) (d) Investment or deposit of the funds of the trust/institution in modes or forms other than those specified u/s 11(5) - Entire income of a trust/ institution is not eligible for exemption u/s 11 12, if its funds are invested/ deposited otherwise than as specified under section 11(5). any shares in a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld by the trust or institution, otherwise than in any of the forms or modes specified in section 11(5), after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1993, whichever is later ; ( iii ) any funds representing the profits and gains of business, being profits and gains of any previous year relevant to the assessment year comme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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