Held that once exemption is denied and the registration is withdrawn the income of the trust should be assessed an AOP. Only surplus profit can be assessed. The Tribunal also held that as the application before CBDT for condonation of delay in filing Form No 10BB. The AO is directed to decide the issue of exemption after the order of the CBDT. (AY.2019-20, 2020-21)
Church Educational Society v. ACIT (2024) 232 TTJ 553 / 244 DTR 193 / 38 NYPTTJ 1419 (Hyd)(Trib) Aurora Educational Society v. ACIT (2024) 232 TTJ 553 / 244 DTR 193 / 38 NYPTTJ 1419 (Hyd)(Trib) Karshik Vidya Parishad v.. ACIT (2024) 232 TTJ 553 / 244 DTR 193 / 38 NYPTTJ 1419 (Hyd)(Trib)
S. 11 : Property held for charitable purposes – Once exemption is denied and the registration is withdrawn the income of the trust should be assessed an AOP – Only surplus profit can be assessed – Application before CBDT for condonation of delay in filing Form No 10BB-The AO is directed to decide the issue of exemption after the order of the CBDT. [S. 12AA, 119, Form 10BB.]
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