https://www.taxtmi.com/caselaws?id=761098 ITAT Delhi allowed the appeal of an assessee-trust for AY 2015-16. The trust, formed in 2014, received registration u/s 12AA in 2018 w.e.f. AY 2016-17. ITAT held that despite absence of registration during AY 2015-16, the trust was entitled to exemption u/s 11 based on deemed registration principle following coordinate bench precedents. The tribunal rejected CIT(A)'s application of Section 13 provisions to loans given to spouses of school administrators, distinguishing between trust and institution managers. ITAT also quashed CIT(A)'s enhancement of income from building and amalgamation funds, noting the trust applied over 85% of receipts for charitable purposes, satisfying exemption conditions. en-us Tue, 29 Oct 2024 00:00:00 +0530 Mon, 04 Nov 2024 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761098 ITAT Delhi allowed the appeal of an assessee-trust for AY 2015-16. The trust, formed in 2014, received registration u/s 12AA in 2018 w.e.f. AY 2016-17. ITAT held that despite absence of registration during AY 2015-16, the trust was entitled to exemption u/s 11 based on deemed registration principle following coordinate bench precedents. The tribunal rejected CIT(A)'s application of Section 13 provisions to loans given to spouses of school administrators, distinguishing between trust and institution managers. ITAT also quashed CIT(A)'s enhancement of income from building and amalgamation funds, noting the trust applied over 85% of receipts for charitable purposes, satisfying exemption conditions. Case-Laws Income Tax Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761098