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I-T - Charitable trust which qualifies for exemption benefits u/s 11 to 13 are not prohibited from claiming exemption u/s 10(23EA): HC

By TIOL News Service

MUMBAI, JAN 16, 2019: THE ISSUE BEFORE THE DIVISION BENCH IS - Whether there is any prohibition in law which would prevent a Trust which qualifies for benefits u/s 11 to 13 of the I-T Act, from claiming exemption u/s 10(23EA) of such Act. NO IS THE VERDICT.

Facts of the case:

The assessee is a Trust registered under the Charitable Trusts Act and is also a National Stock Exchange Investor Protection Fund Trust which has been duly recognized by Government of India for purpose of benefit u/s 10(23EA) of Income Tax Act. For the A.Y 2010-11, the assessee filed a return in connection with two different sources of the receipts the assessee had claimed exemption u/s 10(23EA). The AO also granted such exemption. When the matter reached CIT(A), he rejected the same on the grounds that the claim was not made in the return filed and that a Trust which receives the benefits u/s 11 to 13 of the Income tax Act could not claim exemption u/s 10(23EA). On further appeal, the Tribunal held that there was no prohibition in law that the Trust which qualifies u/s 11 to 13 could not claim exemption u/s 10 (23EA) of the Act.

High Court held:

++ the sole objection projected is of the Tribunal allowing the claim which was raised by the assessee for the first time before the Appellate Authority. The Revenue does not dispute that necessary facts were already on record to examine such a claim. That being the position, the assessee's claim was based on pure interpretation of statute. The Tribunal, therefore, correctly rejected the Revenue's objection relying upon the decision of this Court in the case of Pruthvi Brokers & Share Holders Pvt. Ltd. The reference can also be made to the decision of the Supreme Court in case of National Thermal Power Corporation vs. CIT - 2002-TIOL-279-SC-IT-LB holding that the powers of CIT(A) are much wider than that of the AO. Further, there is no prohibition in law which would prevent the assessee Trust which qualifies for benefits u/s 11 to 13 of the Act from claiming exemption u/s 10(23EA) of the Act.

(See 2019-TIOL-132-HC-MUM-IT)


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