TMI Blog2003 (1) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... income - Considering the specific finding of the Tribunal and the Assessing Officer that the assessee has incurred expenses from the charity fund and has incurred excess expenses than the income earned, the assessee is not entitled for exemption under section 11(1)(a) - - - - - Dated:- 23-1-2003 - Judge(s) : Y. R. MEENA., SUNIL KUMAR GARG. JUDGMENT Mr. Kasliwal pleads no instructions. He d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... funds, which Shri Tapadia was managing. By the deed of indenture dated August 26, 1957, it was declared that the respective assets of the religious and charitable funds will be in favour of the trustees, who will hold the management and operate the respective assets of these funds for the purposes stated in the trust deed. The assessee claimed exemption on this ground. The Income-tax Officer not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,244 - - Jagannath Tapadia - 11,239 - Ayurvedic Aushdhalaya Jagannath Tapadia - 9,112 - Homoeopathic Aushdhalaya ------------------------------------------------------------------------------- 29,124 35,012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses incurred were of Rs. 35,012. Since the expenses incurred were in excess than the income, therefore, the trustee was not entitled to exemption under section 11(1)(a) of the Income-tax Act and exemption was refused by the Assessing Officer. In appeal before the Appellate Assistant Commissioner, the Appellate Assistant Commissioner followed the decision of the High Court of Madhya Pradesh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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