2022 (10) TMI 755

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....s 11(1)(a) of the Act. (b) Non-granting of TDS of Rs.13,30,586/- 2. The assessee is a charitable trust registered u/s 12A of the Act. The return of income filed by the assessee for the year under consideration was processed u/s 143(1) by the AO, wherein the exemption of Rs.4,97,45,885/- claimed by the assessee u/s 11(1)(a) of the Act was not allowed. The said claim relates to the amount accumulated to the extent of 15% of income u/s 11(1)(a) of the Act. Hence the assessee filed a rectification application u/s 154 of the Act and the same was also rejected. The assessee had offered certain income during the year under consideration and accordingly claimed corresponding TDS thereon. The said TDS credit was also not allowed. 3. A....

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....cord. The assessee has placed computation of income at page 57 of the paper book. A perusal of the same would show that the assessee has earned capital gains of Rs.22.75 crores and the same has been claimed as exempt u/s 11(1A) of the Act. From the order passed by Ld CIT(A), we notice that the said claim has been accepted by the AO. 7. The remaining income earned from assets held for charitable purposes is Rs.26,85,36,700/-, which consisted of corpus donations of Rs.16,44,04,129/- and other income of Rs.10,41,32,571/-. The corpus donation is exempt u/s 11(1)(d) of the Act. 8. The other income earned from assets held for charitable purposes is Rs.10,41,32,571/-. The assessee has applied a sum of Rs.18,64,01,654/- for charitable purpose....