S. 11 : Property held for charitable purposes-Failure to file return- Return is filed in pursuance of notice u/s.148–Entitle to exemption as applicable to charitable Trust-Failure to produce evidence in support of its claim of electricity expenses-Such amount had to be excluded while considering application of income-S.40(a)(ia), 40A(3) and S. 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 S 11 and 12 falling under Chapter-III. S. 37(1), Explanation is not applicable to charitable trust. Capital expenditure is to be allowed as application of income. [S. 12, 37(1), 40(a)(ia), 40A(3), 43B, 139, 139(4A), 147, 148]
United Educational Society v. JCIT (2019) 74 ITR 11 / 178 ITD 716/ 202 TTJ 928/( 2020) 188 DTR 153 (Delhi)(Trib.)