Friday, July 15, 2016

No cancellation of trust's registration due to commercial receipts above Rs 25 lakhs

The High Court of Bombay held that in view of CBDT's Circular No.21/2016 dated 27-5-2016, Registration of a trust can't be cancelled merely because receipts from commercial activities exceed Rs. 25 Lakhs unless there is change in the nature of its activities or its activities are not genuine.

Director of Income-tax (Exemptions) v. Khar Gymkhana.[2016] 70 taxmann.com 181

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