Uttrakhand High Court on Sec 11 of Income Tax Act
Court :
High Court
Brief :
Section 11 of Income-tax Act, 1961 – Charitable or religious trust – Exemption of Income from property held under – Assessment years 1996-97 and 2001-02 – Assessee was registered under section 12A as a charitable society – While making its assessment, Assessing Officer disallowed its claim for exemption under section 11 on ground that its activity of letting out building to other society to run educational institution did not constitute charitable purpose – On assessee’s appeal, Commissioner (Appeals), considering fact that rental income earned by assessee was again being utilized for education by maintaining and constructing new building for same purpose, held that charitable purpose was not lost and, therefore, assessee was entitled to exemption under section 11 – Tribunal upheld order of Commissioner (Appeals) – Whether on facts, Tribunal had rightly held that income of assessee-society was exempt under section 11 – Held, yes
Citation :
Commissioner of Income-tax, Haldwani, Nainital vs Jyoti Prabha Society
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