https://www.taxtmi.com/caselaws?id=210311 The ITAT clarified that income used for trust objectives under Sec. 11(1)(a) is not taxable, with a 25% deduction if Form No. 10 is filed timely. The ITAT directed the A.O. to consider Form No. 10's filing. The ITAT held that Form No. 10 filed during assessment should be considered for Sec. 11(2) exemptions. The ITAT concluded the assessee is entitled to a 25% deduction under Sec. 11(1)(a) without Form No. 10, if income is set aside for trust objectives. The A.O. was directed to verify Sec. 11(2) conditions for additional exemption and reframe the assessment. Appeal partly allowed. en-us Tue, 31 May 2011 00:00:00 +0530 Tue, 10 Jan 2017 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210311 The ITAT clarified that income used for trust objectives under Sec. 11(1)(a) is not taxable, with a 25% deduction if Form No. 10 is filed timely. The ITAT directed the A.O. to consider Form No. 10's filing. The ITAT held that Form No. 10 filed during assessment should be considered for Sec. 11(2) exemptions. The ITAT concluded the assessee is entitled to a 25% deduction under Sec. 11(1)(a) without Form No. 10, if income is set aside for trust objectives. The A.O. was directed to verify Sec. 11(2) conditions for additional exemption and reframe the assessment. Appeal partly allowed. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210311