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Entity Denied Tax Exemption Under Income Tax Act Section 11 Despite Section 12AA Registration; Must Apply 85% Income to Charity.

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....Exemption u/s.11 denied - Simply because the assessee was registered under section 12 AA of the Act does not entitle it to claim its entire income as exempt under section 11 of the act but for getting that exemption the assessee is required to further satisfy condition of applying 85% of its income for charitable activities - AT....

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Entity Denied Tax Exemption Under Income Tax Act Section 11 Despite Section 12AA Registration; Must Apply 85% Income to Charity.