https://www.taxtmi.com/caselaws?id=765122 The Tribunal dismissed the Revenue's appeal, affirming that the public charitable trust was eligible for exemption under the first proviso to Section 12A(2) of the Income-tax Act for the assessment year 2019-20. It concluded that the trust's voluntary contributions were capital receipts not subject to tax under Sections 11 and 12. Additionally, the Tribunal clarified that proceedings under Section 143(1) are not considered assessment proceedings, and therefore, their pendency does not affect the applicability of the exemption. The Tribunal upheld the CIT(A)'s decision, allowing the exemption for the trust. en-us Thu, 23 Jan 2025 00:00:00 +0530 Sat, 25 Jan 2025 08:26:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765122 The Tribunal dismissed the Revenue's appeal, affirming that the public charitable trust was eligible for exemption under the first proviso to Section 12A(2) of the Income-tax Act for the assessment year 2019-20. It concluded that the trust's voluntary contributions were capital receipts not subject to tax under Sections 11 and 12. Additionally, the Tribunal clarified that proceedings under Section 143(1) are not considered assessment proceedings, and therefore, their pendency does not affect the applicability of the exemption. The Tribunal upheld the CIT(A)'s decision, allowing the exemption for the trust. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765122