https://www.taxtmi.com/caselaws?id=762207 The ITAT Mumbai set aside the denial of exemption under Section 11 for a trust that commercially utilized its premises for exhibitions, corporate meetings, and functions. The AO had denied exemption finding the activities unrelated to trust objects and noting failure to maintain separate accounts as required under Section 11(4)A. However, the ITAT noted that neither the AO nor CIT(A) examined whether commercial receipts exceeded the 20% threshold under Section 2(15)'s second proviso, as established in Ahmedabad Urban Development Authority SC precedent. The matter was remanded to the AO for fresh consideration applying the 20% quantitative limit test for business receipts while carrying out charitable objectives. en-us Wed, 23 Oct 2024 00:00:00 +0530 Tue, 26 Nov 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762207 The ITAT Mumbai set aside the denial of exemption under Section 11 for a trust that commercially utilized its premises for exhibitions, corporate meetings, and functions. The AO had denied exemption finding the activities unrelated to trust objects and noting failure to maintain separate accounts as required under Section 11(4)A. However, the ITAT noted that neither the AO nor CIT(A) examined whether commercial receipts exceeded the 20% threshold under Section 2(15)'s second proviso, as established in Ahmedabad Urban Development Authority SC precedent. The matter was remanded to the AO for fresh consideration applying the 20% quantitative limit test for business receipts while carrying out charitable objectives. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762207