https://www.taxtmi.com/caselaws?id=774439 The ITAT Delhi dismissed the appeal of a charitable trust, upholding the rejection of exemption under section 11. The tribunal found violations of sections 13(1), 13(2), and 13(3) through cash transactions in share transfers between specified persons. Seized materials provided positive evidence that benefits were derived by persons referred to in section 13(3) during the transfer of shares and control of the trust. The tribunal confirmed taxation at maximum marginal rate under section 164, noting the benefit to specified persons exceeded the trust's surplus, justifying denial of entire exemption rather than partial denial. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 08 Jul 2025 10:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774439 The ITAT Delhi dismissed the appeal of a charitable trust, upholding the rejection of exemption under section 11. The tribunal found violations of sections 13(1), 13(2), and 13(3) through cash transactions in share transfers between specified persons. Seized materials provided positive evidence that benefits were derived by persons referred to in section 13(3) during the transfer of shares and control of the trust. The tribunal confirmed taxation at maximum marginal rate under section 164, noting the benefit to specified persons exceeded the trust's surplus, justifying denial of entire exemption rather than partial denial. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774439