Held that the rent charged by the assessee-society for letting out its community hall to public at large for organising social, cultural and religious ceremonies is fair and reasonable and the receipts from the rent is less than 20 per cent of the total receipts and there is no material on record to hold that the assessee is acting with profit motive, proviso to S. 2(15) is not attracted\u00a0 Benefit of sections\u00a0 11 and 12 is allowable. Held that corpus donations with\u00a0 specific direction to building fund\u00a0 the\u00a0 exemption under section 11(1)(d) is applicable. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Rental income-Community hall-No profit motive-Object of general public utility-receipts from such activity do not exceed 20 per cent of the as total receipts, proviso to S. 2(15) is not applicable-Corpus donations-Direction to building fund-Exemption under section 11(1)(d) is applicable. [S. 2(15), 11(1)(d), 12, 12AA] <\/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-53930","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-e1Q","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53930","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=53930"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53930\/revisions"}],"predecessor-version":[{"id":53931,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53930\/revisions\/53931"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}