Exemption under sections 11 & 12 denied - earning interest ...

Interest Income on RBI Bonds Not Exempt: Does Not Qualify as Trade or Business u/ss 2(15), 11, and 12.

February 14, 2017

Case Laws Income Tax AT

Exemption under sections 11 & 12 denied - earning interest income on RBI Bonds - the activity of depositing money in the bank and earning interest would not constitute trade, commerce or business within the meaning of section 2(15) r.w. proviso thereof. - AT

View Source

← Previous Next →

Exemption under sections 11 & 12 denied - earning interest ...

Interest Income on RBI Bonds Not Exempt: Does Not Qualify as Trade or Business u/ss 2(15), 11, and 12.

February 14, 2017

Case Laws Income Tax AT

You may also like:

Charitable entity u/s 2(15) denied exemption u/ss 11 and 12 by Assessing Officer (AO) on grounds of conducting exhibitions being commercial in nature. ITAT held no...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Eligibility for exemption u/s 11 & 12 - assessee is eligible for exemption u/s 11 & 12 of the Income Tax Act as assessee is not engaged in any trade, commerce or...

Exemptions u/s 11 and 12 - Charitable activity u/s 2(15) - The assessee trust is carrying out the activities of general utility of development of infrastructure for...

Exemption u/s 11 and 12 - charitable activity u/s 2(15) - total receipts from trade, commerce or business/service exceeded 20% of total receipts - The ITAT, referencing...

Exemption u/s 11 - Section 11(4A) must be interpreted harmoniously with Section 2(15), with which there is no conflict. Carrying out activity in the nature of trade,...

The Appellate Tribunal considered whether the assessee, a trust registered u/s 12AA, qualified for exemption u/s 11 as a charitable entity. The AO argued the trust's...

Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

Exemption u/s 11 - Charitable activity u/s 2(15) - entities engaged in providing other than essential services - business of providing built-up space or making available...

Charitable activity u/s 2(15) - Exemption u/s 11 - asylum to old, maimed, sick and disabled cows - an incidental activity of selling milk which may result in receipt of...

Exemption u/s 11 - Charitable activities u/s 2(15) - assessee is a regulatory body created by State Government u/s 22 of Gujarat Town Planning and Urban Development Act...

Exemption u/s 11 - applicability of Section 2(15) - addition on account of premium on land and shades - it could not be said that the activities carried out by the...

Exemption u/s 11 - Educational activiity u/s 2(15) - CIT-A treated the income from recording studio as business income under section 11(4A) treating the income from...

Benefit of exemption u/s. 11 - The receipts from BCCI are not in the nature of trade, business or commerce and consequently the proviso to section 2(15) of the Act was...

Exemption u/s 11 - Denial of exemption disputing the charitable nature of activities carried out by the assessee in terms of section 2(15) - the assessee-authority is...

Quick Updates: