IT-I : Advancement of interest free loan by a charitable institution to other having similar objects is not in violation of provisions of section 13(1)(d)
IT-II : Voluntary contribution made with a specific direction that it shall form part of corpus of trust cannot be treated as income of trust even if purpose for which such donation is given has not been specified
IT-III : While working out application of income as prescribed in relation to purposes/objectives of a trust in terms of section 11(1)(a) in computation of taxable income, no disallowance of depreciation could be made
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[2014] 51 taxmann.com 248 (Chennai - Trib.)
IN THE ITAT CHENNAI BENCH 'D'
Joint Commissioner of Income-tax (OSD) (Exemptions)
v.
Bhaktavatsalam Memorial Trust*
A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER
AND CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER
IT APPEAL NOS. 1796 & 1819 (MDS.) OF 2012
[ASSESSMENT YEAR 2009-10]
DECEMBER 20, 2013
I. Section 13, read with section 11, of the Income-tax Act, 1961 - Charitable or religious trust - Denial of exemption (Sub-section (1)(d)) - Assessment year 2009-10 - Whether advancement of interest free loan by a charitable institution to other charitable institutions registered under section 12A having similar objects is not in violation of provisions of section 13(1)(d), read with section 11(5) - Held, yes [Para 7][In favour of assessee]
II. Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Voluntary Contributions) - Assessment year 2009-10 - Whether where voluntary contributions are made with a specific direction that it shall form part of corpus of trust, said amount cannot be treated as income of trust even if purpose for which such donation is given has not been specified - held, yes [Para 17][In favour of assessee]
III. Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Application of income) - Assessment year 2009-10 - Whether while working out application of income as prescribed in relation to purposes/objectives of a trust in terms of section 11(1)(a) in computation of taxable income, no disallowance of depreciation could be made - Held, yes [Para 11] [In favour of assessee]
IT-II : Voluntary contribution made with a specific direction that it shall form part of corpus of trust cannot be treated as income of trust even if purpose for which such donation is given has not been specified
IT-III : While working out application of income as prescribed in relation to purposes/objectives of a trust in terms of section 11(1)(a) in computation of taxable income, no disallowance of depreciation could be made
■■■
[2014] 51 taxmann.com 248 (Chennai - Trib.)
IN THE ITAT CHENNAI BENCH 'D'
Joint Commissioner of Income-tax (OSD) (Exemptions)
v.
Bhaktavatsalam Memorial Trust*
A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER
AND CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER
IT APPEAL NOS. 1796 & 1819 (MDS.) OF 2012
[ASSESSMENT YEAR 2009-10]
DECEMBER 20, 2013
I. Section 13, read with section 11, of the Income-tax Act, 1961 - Charitable or religious trust - Denial of exemption (Sub-section (1)(d)) - Assessment year 2009-10 - Whether advancement of interest free loan by a charitable institution to other charitable institutions registered under section 12A having similar objects is not in violation of provisions of section 13(1)(d), read with section 11(5) - Held, yes [Para 7][In favour of assessee]
II. Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Voluntary Contributions) - Assessment year 2009-10 - Whether where voluntary contributions are made with a specific direction that it shall form part of corpus of trust, said amount cannot be treated as income of trust even if purpose for which such donation is given has not been specified - held, yes [Para 17][In favour of assessee]
III. Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Application of income) - Assessment year 2009-10 - Whether while working out application of income as prescribed in relation to purposes/objectives of a trust in terms of section 11(1)(a) in computation of taxable income, no disallowance of depreciation could be made - Held, yes [Para 11] [In favour of assessee]
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