Lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2

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Lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2

Lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2

[2019] 102 taxmann.com 122 (Gujarat)
HIGH COURT OF GUJARAT
Commissioner of Income-tax (Exemptions)
v.
Bochasanwasi Shri Akshar Purshottam Public Charitable Trust
Section 11 of the Income-tax Act, 1961 – Charitable or religious trust – Exemption of income from property held under (Accumulation of fund) – Assessment year 2008-09 – Whether lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2) – Held, yes – Whether, therefore, where pursuant to enquiry raised by Assessing Officer, assessee passed a formal resolution specifying that funds were set apart for ongoing hospital projects of trust and for modernization of existing hospitals, it was to be regarded as sufficient compliance of requirements of Act and, thus, assessee’s claim for exemption under section 11(2) in respect of funds accumulated was to be allowed – Held, yes [Para 8] [In favour of assessee]

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