https://www.taxtmi.com/caselaws?id=447575 ITAT Kolkata held that the assessee trust was entitled to exemption u/s 11 for entire receipts. The tribunal found that meetings, conferences and seminars were conducted for charitable purposes, not business, as fees charged barely covered costs with losses subsidized by other charitable income. The 15% accumulation under s.11(1)(a) was allowed on gross receipts, not net income. Depreciation claims on fixed assets were permitted as application of income. Sale proceeds of motor car were not treated as taxable income after allowing WDV deduction. CIT(A)'s order was set aside and AO directed to allow complete exemption. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 04 Mar 2024 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447575 ITAT Kolkata held that the assessee trust was entitled to exemption u/s 11 for entire receipts. The tribunal found that meetings, conferences and seminars were conducted for charitable purposes, not business, as fees charged barely covered costs with losses subsidized by other charitable income. The 15% accumulation under s.11(1)(a) was allowed on gross receipts, not net income. Depreciation claims on fixed assets were permitted as application of income. Sale proceeds of motor car were not treated as taxable income after allowing WDV deduction. CIT(A)'s order was set aside and AO directed to allow complete exemption. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447575