Assessment of trust - 'Pharmacy' income as income of charitable ...

High Court Criticizes Tribunal for Lack of Reasoning on Classifying 'Pharmacy' Income Under Charitable Trust, Citing Section 11(4A).

March 25, 2021

Case Laws Income Tax HC

Assessment of trust - 'Pharmacy' income as income of charitable trust - it is evident that the Tribunal has not recorded any reasons whether or not the assessee has complied with the twin conditions mentioned in sub-section 4A of Section 11. The order passed by the Tribunal is cryptic and suffers from the vice of non-application of mind. Therefore, the finding of the Tribunal insofar as it pertains to the first substantial question of law cannot be sustained. - HC

View Source

← Previous Next →

Assessment of trust - 'Pharmacy' income as income of charitable ...

High Court Criticizes Tribunal for Lack of Reasoning on Classifying 'Pharmacy' Income Under Charitable Trust, Citing Section 11(4A).

March 25, 2021

Case Laws Income Tax HC

You may also like:

ITAT ruled that pharmacy division income of appellant hospital qualifies for exemption under Section 11(1) of Income Tax Act. The tribunal determined pharmacy operations...

The Appellate Tribunal addressed the issue of exemption u/s 11 for income from property held for charitable purposes. It held that the provision of section 11(1)(a)...

Assessment of trust - healthcare / medical services - surplus out of Pharmacy store - charitable activity u/s 2(15) - the income accrued from Pharmacy store is...

Exemption u/s.11 - Treatment of pharmacy income as income of charitable trust - the income from running the pharmacy which is integral part of the hospital is eligible...

Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible...

The ITAT Kolkata examined the validity of reassessment proceedings based on "reasons to believe" u/s 147. The AO's reasons lacked independent application of mind, being...

The ITAT ruled in favor of the assessee trust operating a hospital, holding that income from its pharmacy operations qualifies for exemption under Section 11. The...

Exemption u/s 11 - Charitable activity - running pharmacy store in the hospital and was selling drugs and medicines to the patients through this pharmacy store - AO was...

The High Court quashed the reopening of assessments u/s 148, holding that the reasons recorded by the Assessing Officer were cryptic, vague, lacking nexus, and...

Accrual of income in India - taxability of the “software” supplied to Indian affiliates - The Tribunal's decision effectively overturns the AO's and DRP's stance,...

Exemption u/s 11 - Charitable activity - running pharmacy store - income accrued there from was incidental to the dominant object of the respondent i.e., running of the...

The reopening of assessment u/s 147 cannot be sustained as the exemption u/s 11 was wrongly denied. The notice claimed the petitioner engaged in commercial activities,...

Exemption u/s 11 - Charitable activity u/s 2(15) - Commercial activity - Citing past decisions favorable to the trust under similar assessments, the Tribunal reiterated...

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...

Reopening of assessment u/s 147 - reasons to believe - no income under the head income from House Property has been offered by the assessee during the year under...

Quick Updates: