Charitable-object qualification of assessee's activities u/s2(15) and tax exemption of interest and corpus donations upheld

Charitable-object qualification of assessee's activities u/s2(15) and tax exemption of interest and corpus donations upheld https://www.taxtmi.com/highlights?id=96086 Whether the assessee's activities qualified as "charitable purpose" under s.2(15) and thus exemption under s.11: tribunal held that registration u/s 12A creates a presumption of charitable objects unless contrary to s.2(15) or ss.13(1)(c)/(d); passive interest from mandated investments u/s11(5) is not commercial activity and does not attract the proviso to s.2(15), relying on jurisdictional precedent, therefore interest income remains exempt under s.11 - outcome: exemption upheld and additions deleted. Whether corpus donations are taxable: corpus receipts are capital and exempt u/s11(1)(d); no material for s.13 breach - outcome: exemption maintained. - ITAT en-us Fri, 16 Jan 2026 18:21:52 +0530 Fri, 16 Jan 2026 18:21:52 +0530 TaxTMI RSS Generator Charitable-object qualification of assessee's activities u/s2(15) and tax exemption of interest and corpus donations upheld https://www.taxtmi.com/highlights?id=96086 Whether the assessee's activities qualified as "charitable purpose" under s.2(15) and thus exemption under s.11: tribunal held that registration u/s 12A creates a presumption of charitable objects unless contrary to s.2(15) or ss.13(1)(c)/(d); passive interest from mandated investments u/s11(5) is not commercial activity and does not attract the proviso to s.2(15), relying on jurisdictional precedent, therefore interest income remains exempt under s.11 - outcome: exemption upheld and additions deleted. Whether corpus donations are taxable: corpus receipts are capital and exempt u/s11(1)(d); no material for s.13 breach - outcome: exemption maintained. - ITAT Highlights Income Tax Fri, 16 Jan 2026 18:21:52 +0530 https://www.taxtmi.com/highlights?id=96086