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    Income Tax

    Trust established before enactment of Income Tax Act, 1961...

    Trust can pay trustees' fees without losing tax exemption. Depreciation allowed on trust assets.

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    Income TaxSeptember 27, 2024Case LawsHC

    Trust established before enactment of Income Tax Act, 1961 entitled to pay honorarium to trustees as per Memorandum of Association without violating Section 13(1)(c). Assessing Authority erred in denying exemption u/s 11 by treating entire income as taxable. Tribunal rightly allowed depreciation claim following its own precedent. High Court upheld Tribunal's decision granting exemption u/s 11 and allowing depreciation.

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