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of <h1>Supreme Court's Lok Shikshana Trust ruling limits tax exemptions for charitable trusts under Income Tax Act, Section 2(15).</h1> The Supreme Court's decision in the Lok Shikshana Trust case has led to a restrictive interpretation of the phrase 'any other object of public utility not involving the carrying on of any activity for profit' in Section 2(15) of the Income Tax Act, 1961. This decision affects charitable trusts engaged in commercial activities, potentially disqualifying them from tax exemptions under Section 11. The Direct Tax Laws Committee has suggested amending the legislation to remove the profit-related restriction. Until a decision is made, the Board advises against assessments that would deny these exemptions, provided no cases are barred by limitation.
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