https://www.taxtmi.com/caselaws?id=762261 The ITAT Jaipur ruled in favor of a charitable trust regarding tax rate application on returned income. The trust, registered under Rajasthan Public Trust Act 1959 since 1970, lacked registration under section 12AA of the Income Tax Act. The Revenue sought to tax the trust's income at maximum marginal rate (MMR). The ITAT held that without section 12AA registration, the trust's income should be taxed at normal rates applicable to Association of Persons under section 164(2) proviso, not at MMR. The tribunal distinguished this from cases where MMR applies due to violations of sections 13(1)(c) or 13(1)(d). The assessee's appeal was allowed. en-us Thu, 10 Oct 2024 00:00:00 +0530 Wed, 27 Nov 2024 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762261 The ITAT Jaipur ruled in favor of a charitable trust regarding tax rate application on returned income. The trust, registered under Rajasthan Public Trust Act 1959 since 1970, lacked registration under section 12AA of the Income Tax Act. The Revenue sought to tax the trust's income at maximum marginal rate (MMR). The ITAT held that without section 12AA registration, the trust's income should be taxed at normal rates applicable to Association of Persons under section 164(2) proviso, not at MMR. The tribunal distinguished this from cases where MMR applies due to violations of sections 13(1)(c) or 13(1)(d). The assessee's appeal was allowed. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762261