https://www.taxtmi.com/caselaws?id=769006 The ITAT Jaipur allowed the assessee's appeal regarding exemption under section 11(1)(a) for charitable trusts. The revenue challenged whether a charitable trust could claim exemption benefits when expenditure exceeded income. The ITAT held that the provision clearly permits such claims when income is applied for charitable purposes in India. Following the precedent in Krishi Upaj Mandi Samiti case, the tribunal ruled that charitable trusts cannot be denied section 11(1)(a) exemption benefits merely because they incurred expenditure exceeding income from accumulated charity funds for charitable purposes. The AO was directed to allow the claim as filed in the return. en-us Tue, 15 Apr 2025 00:00:00 +0530 Thu, 17 Apr 2025 08:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769006 The ITAT Jaipur allowed the assessee's appeal regarding exemption under section 11(1)(a) for charitable trusts. The revenue challenged whether a charitable trust could claim exemption benefits when expenditure exceeded income. The ITAT held that the provision clearly permits such claims when income is applied for charitable purposes in India. Following the precedent in Krishi Upaj Mandi Samiti case, the tribunal ruled that charitable trusts cannot be denied section 11(1)(a) exemption benefits merely because they incurred expenditure exceeding income from accumulated charity funds for charitable purposes. The AO was directed to allow the claim as filed in the return. Case-Laws Income Tax Tue, 15 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769006