Wednesday, March 15, 2017

Trust incurring expenses in excess of its income would be eligible for sec. 11 relief

The Supreme Court of India held that SLP granted against High Court's ruling that where assessee, a charitable trust, incurred expenditure in excess of income in previous year relevant to assessment year for charitable purposes, out of accumulated charity fund, it could not be denied benefit of exemption under section 11(1)(a).
Commissioner of Income-tax, Bikaner v. Krishi Upaj Mandi Samiti (Grain)* [2017] 78 taxmann.com 164 (SC)

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