publication of newspaper and
journals and making profits, if entitled to tax exemption.
HEADNOTE:
Section 2(15) of the Income-tax Act provides that ... words
used clearly imposed a new qualification on public utilities
entitled to exemption. It was obvious that, unless such a
limitation was introduced, the fourth
members. that is, to be trade generally, is not
entitled to the exemption, and is liable to tax.[845E-G]
(1) The test ... answered
affirmatively, if (c) (1) is also answered affirmatively
the claim for exemption collapses. [844B-C]
(2) Section 2 (xv) must be interpreted in such
taxable under Section 10(20) of the Income Tax Act. The aforesaid exemption for including market committees was, however, omitted with effect from the assessment ... According to the Commissioner of Income Tax, Amritsar, the withdrawal of the exemption from the liability of tax was a sufficient justification to conclude that
favoured charities, even granted preferential treatment since 1886. The law,
while granting exemption to income from religious and charitable trusts has taken
effective measures ... misuse of trust funds. As a result, a
charitable trust loses tax exemption if certain provisions are not complied with,
and if its activities
arising out
of conducting business of kuries or Chit fund liable to
exemption under Section 11(1)(a) of the Income Tax Act,
1961.
HEADNOTE ... appellant earned income from
conducting kuries and money lending. He claimed exemption
from tax under section 11 of the Income
institute had filed an
application in form No. 56 for grant of exemption under Section
10(23C)(iv) of the Act for the assessment year ... complying with all
conditions/pre-requisites and, therefore, they were entitled to
exemption under Section 10(2C)(iv) of the Act. The impugned
order dated
order dated 23.02.2012,
WP(C) 1872/13 Page 1 of 55
whereby exemption earlier granted under Section 10 (23C) (iv) of the said ... direction in the nature of mandamus
directing the respondent to grant exemption to the petitioner under Section
10(23C)(iv) of the said
property was a sum of Rs. 6,596. The assessee claimed exemption with reference to this income. At the time when the Income-tax Officer ... this court in respect of a similar claim of the assessee for exemption under Section 4(3)(i) of the Indian Income
detailed impugned judgment4, held
that the appellant trusts which claimed benefit of exemption under Section 10 (23C)
of the IT Act were not created ‘solely ... retain their character as such and would be eligible to apply for exemption under
section 10(23C)(vi) of the Act. (Pine-grove International Charitable
Commissioner of Income Tax (Exemption), Chandigarh.
.....Appellant
versus
M/s Improvement Trust, Moga
.....Respondent
CORAM:- HON'BLE MR.JUSTICE S.J. VAZIFDAR, CHIEF JUSTICE ... declaring a loss of about Rs.38.75 crores after
claiming an exemption under section 10(23C)(iv) of the Act
amounting to about
