https://www.taxtmi.com/caselaws?id=465924 Assessment concerns addition of interest on bank fixed deposits for a trust/company claiming exemption under sections 11 and 12 while registered under charity law. The assessing officer invoked the proviso to exclude charitable character but failed to establish non-charitable status, prove receipt and utilisation of funds, or identify beneficiaries to negate the principle of mutuality; the mutuality principle was not properly applied where shareholders might be beneficiaries. The matter is remitted to the assessing officer for full factual examination of receipts, utilization and beneficiary nexus to determine applicability of exemption; appeal is allowed for statistical purpose and the assessment is to be reconsidered. en-us Wed, 11 Jan 2017 00:00:00 +0530 Thu, 15 Jan 2026 18:59:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465924 Assessment concerns addition of interest on bank fixed deposits for a trust/company claiming exemption under sections 11 and 12 while registered under charity law. The assessing officer invoked the proviso to exclude charitable character but failed to establish non-charitable status, prove receipt and utilisation of funds, or identify beneficiaries to negate the principle of mutuality; the mutuality principle was not properly applied where shareholders might be beneficiaries. The matter is remitted to the assessing officer for full factual examination of receipts, utilization and beneficiary nexus to determine applicability of exemption; appeal is allowed for statistical purpose and the assessment is to be reconsidered. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465924