TMI Blog2009 (8) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to statutory scheme for exemption. In the present case, expression used in Section 11 (1) (a) is “income derived from property held under Trust” irrespective of the fact whether income is derived by a Trust or any other Institution. Requirement is only of holding the property under Trust. The Commissioner, referring to the definition of ‘person’ under Section 2 (31) of the Act, observed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case and in law, the Hon'ble ITAT was justified in holding, that the assessee is entitled for exemption u/s 11(1)(a) of the Act, 1961 and capital expenditure incurred on fixed assets is application of income for charitable purpose, without appreciating the fact that the assessee was registered under Societies Act, 1860 and not under Indian Trust Act, 1882 as such does not qualify for exempti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee was not trust but only an institution wherease exemption under section 11/12 was available only in respect of the income of the property held under trust. The Assessing Officer has taken a view that the assessee is a charitable society but not a Trust. In this regard a reference has also been made to the decision of the Hon'ble Delhi High Court in the case of Charat Ram Founda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in a Trust and an Institution, as pointed out by the Hon'ble Supreme Court in the case of Asst. CIT Vs. Thanthi Trust (2001) 247 ITR 785. 8. We are unable to accept this submission. There may be conceptual difference in the constitution of a Trust or any other Institution if such difference has relevance having regard to statutory scheme for exemption. In the present case, expression us ..... X X X X Extracts X X X X X X X X Extracts X X X X
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