Charitable Trust's Income Must Follow Sections 11-13; Mutuality Principle Doesn't Apply, Says Assessing Officer.

Charitable Trust's Income Must Follow Sections 11-13; Mutuality Principle Doesn't Apply, Says Assessing Officer. https://www.taxtmi.com/highlights?id=50989 Exemption u/s 11 - AO has proceeded to classify assessee’s activities as ‘hybrid’, charitable as well as mutual activity - since the assessee is registered as a charitable trust, the application of principle of mutuality for the computation of its income is not required to be gone into as the income is to be computed as per Section 11, 12 and 13 of the Act en-us Wed, 01 Jan 2020 18:03:45 +0530 Wed, 01 Jan 2020 18:03:45 +0530 TaxTMI RSS Generator Charitable Trust's Income Must Follow Sections 11-13; Mutuality Principle Doesn't Apply, Says Assessing Officer. https://www.taxtmi.com/highlights?id=50989 Exemption u/s 11 - AO has proceeded to classify assessee’s activities as ‘hybrid’, charitable as well as mutual activity - since the assessee is registered as a charitable trust, the application of principle of mutuality for the computation of its income is not required to be gone into as the income is to be computed as per Section 11, 12 and 13 of the Act Highlights Income Tax Wed, 01 Jan 2020 18:03:45 +0530 https://www.taxtmi.com/highlights?id=50989