Charitable Institution’s Gross Receipts Surpass Threshold Prescribed u/s 2(15) of Income Tax Act; No Registration Cancellation Required: ITAT [Read Order]
For that particular year alone, the assessee’s activities would not to be construed as charitable activities and the assessee would be subjected to tax as a normal business assessee.
By Navasree A.M - On January 16, 2024 12:32 pm - 3 mins read
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that even if the gross receipts of the assessee exceeds the threshold limit prescribed in the proviso under Section 2(15) of the Income Tax Act, 1961, still there is no need for cancellation of the registration under Section 12AA(3). The Meerut Development…
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