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Trust eligible for benefit of sec. 11, though ITR was filed in response to reassessment notice: ITAT

July 9, 2019[2019] 107 taxmann.com 127 (Delhi - Trib.)/[2019] 74 ITR(T) 11 (Delhi - Trib.)
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INCOME TAX: Failure to file return under section 139(4A) cannot be interpreted to mean that income cannot be computed in case of a charitable trust under section 11

INCOME TAX: A new clause (ba) which has been inserted in section 12A by Finance Act, 2017 to put a further condition w.e.f 1-4-2018 of furnishing return within time allowed under section 139(4A) has been made applicable from assessment year 2018-19

INCOME TAX: Where assessee society had not produced evidence in support of its claim of electricity expenses, such amount had to be excluded while considering application of income under section 11

INCOME TAX: Section 40(a)(ia), 40A(3) and section 43B falls in Chapter IV-D which are applicable for computing profits and gains of business or profession and Chapter IV-D is not applicable in respect of charitable trust or institution whose income is to be computed under sections 11 and 12 falling under Chapter-III

INCOME TAX: Provisions of Chapter IV-D, i.e., sections 28 to 44D are applicable while computing income of business or profession and these provisions are not applicable in respect of charitable institution whose income is to be computed under sections 11 and 12 falling under Chapter III

INCOME TAX: As per section 11, income of a eligible institution to extent of which such income is applied to charitable purpose in India is not to be included in total income and application of income towards charitable purposes include application towards acquisition of assets, i.e., capital expenditure

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