https://www.taxtmi.com/caselaws?id=456407 ITAT Chennai denied exemption under Section 11 to a Trust with composite objects, ruling it was a General Public Utility (GPU) Trust with gross receipts exceeding prescribed limits under Section 2(15) proviso. The Tribunal upheld AO's rejection of exemption and CIT(A)'s confirmation. On depreciation, matter was remanded to AO for verification per commercial accounting principles. Corpus donations were held taxable as income when Section 11 exemption unavailable, following jurisdictional precedent. Donations paid to other trusts were allowed as deductions in commercial computation. Expenses for maintaining family-exclusive Kulod Bhawan were disallowed as personal expenditure. en-us Wed, 18 Oct 2023 00:00:00 +0530 Tue, 23 Jul 2024 20:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456407 ITAT Chennai denied exemption under Section 11 to a Trust with composite objects, ruling it was a General Public Utility (GPU) Trust with gross receipts exceeding prescribed limits under Section 2(15) proviso. The Tribunal upheld AO's rejection of exemption and CIT(A)'s confirmation. On depreciation, matter was remanded to AO for verification per commercial accounting principles. Corpus donations were held taxable as income when Section 11 exemption unavailable, following jurisdictional precedent. Donations paid to other trusts were allowed as deductions in commercial computation. Expenses for maintaining family-exclusive Kulod Bhawan were disallowed as personal expenditure. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456407