https://www.taxtmi.com/caselaws?id=763810 ITAT Ahmedabad upheld CIT(A)'s decision allowing exemption under section 11 to a charitable trust. Revenue contended violation of section 13 due to undue benefits to related party SCPL and erroneous Form 10B presentation. Tribunal ruled section 13(1)(c)(ii) inapplicable as no charitable income was used for prohibited persons' benefit. Trust received management charges from SCPL and had liabilities taken over, showing no undue benefit or income diversion. Erroneous Form 10B presentation alone insufficient to deny exemption. Appeal decided in assessee's favor. en-us Thu, 26 Dec 2024 00:00:00 +0530 Fri, 03 Jan 2025 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763810 ITAT Ahmedabad upheld CIT(A)'s decision allowing exemption under section 11 to a charitable trust. Revenue contended violation of section 13 due to undue benefits to related party SCPL and erroneous Form 10B presentation. Tribunal ruled section 13(1)(c)(ii) inapplicable as no charitable income was used for prohibited persons' benefit. Trust received management charges from SCPL and had liabilities taken over, showing no undue benefit or income diversion. Erroneous Form 10B presentation alone insufficient to deny exemption. Appeal decided in assessee's favor. Case-Laws Income Tax Thu, 26 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763810