https://www.taxtmi.com/caselaws?id=447750 ITAT Chennai ruled that a Trust's exemption under Section 11 must be re-examined following amended provisions of Section 2(15) defining charitable purpose. The Trust's activities constituted trade/commerce/business under General Public Utility, with gross receipts from conferences exceeding 20% of total receipts, potentially disqualifying it from exemption. The Tribunal found the assessee incorrectly computed net income instead of gross receipts for the 20% threshold test. The matter was remanded to AO for fresh consideration of exemption eligibility, mutuality principles, corpus donation taxability, and depreciation issues in light of Supreme Court precedent in ACIT v. Ahmedabad Urban Development Authority. en-us Fri, 20 Oct 2023 00:00:00 +0530 Thu, 04 Jan 2024 09:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447750 ITAT Chennai ruled that a Trust's exemption under Section 11 must be re-examined following amended provisions of Section 2(15) defining charitable purpose. The Trust's activities constituted trade/commerce/business under General Public Utility, with gross receipts from conferences exceeding 20% of total receipts, potentially disqualifying it from exemption. The Tribunal found the assessee incorrectly computed net income instead of gross receipts for the 20% threshold test. The matter was remanded to AO for fresh consideration of exemption eligibility, mutuality principles, corpus donation taxability, and depreciation issues in light of Supreme Court precedent in ACIT v. Ahmedabad Urban Development Authority. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447750