Held\u00a0 that the assessments for both years were pending during the time of approval or deemed approval. The expenses related to GOLAK donation and interest should be calculated taking consideration of section\u00a011\u00a0read with section\u00a012A\u00a0of the Act. Tribunal also held that\u00a0 land was purchased before April 1, 1981. The base rate of index was started from April 1, 1981 as per the Act. The valuation of the property should not be the same on the date of acquisition beyond April 1, 1981 and on the date April 1, 1981. So, the report drawn by the Government Valuer was very much accepted. Where the assessee-trust, engaged in social and religious activities, was denied exemption under section\u00a011\u00a0on the ground of non-registration under section\u00a012A, during the pendency of the appeal filed by the assessee before the Commissioner (Appeals) the assessee obtained registration under section\u00a012A, and the assessee\u2019s case would be covered under deemed registration and would be entitled to claim exemption under section\u00a011.(AY.2014-15, 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Computation of capital gains-Assessment pending for both years-Expenses related to GOLAK donation and interest-To be calculated after taking consideration of section 11 read with section 12A of the Act-Computation of capital gains-Acquisition of property by state government-Land purchased before 1-4-1981-Base index rate from 1-4-1981-Valuation done by state government as on 1-4-1981-Report of government valuer acceptable-Deemed registration-Entitled to claim exemption. [S. 12A, 12AA, 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-35567","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9fF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=35567"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35567\/revisions"}],"predecessor-version":[{"id":35568,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35567\/revisions\/35568"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=35567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=35567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=35567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}