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Income of a trust
A trust which is running school have deposit surplus money in bank FDR's. The AO wants to tax the interest income on FDR. If there is any case law in this matter?
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The assessing officer must be convinced that the school is a non profit organisation and the fund in FDR is to be used for the school purpose and the trust income is not taxable as the organisation is non profit organisation which is run by the trust for the betterment of general public.
The assessing officer must be convinced that the school is a non profit organisation and the fund in FDR is to be used for the school purpose and the trust income is not taxable as the organisation is non profit organisation which is run by the trust for the betterment of general public.
Thanks, Can you quote any judgement in this regard.
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