Gross Receipts of Charitable Trust Exceeding Threshold Mentioned u/s 2(15) of Income Tax Act Not a Ground for Registration Cancellation: ITAT [Read Order]
For that particular year alone, the Assessee’s activities would not to be construed as charitable Activities and assesse would be subjected to tax as a normal business assessee.
In a major ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) noted that surpassing the threshold of gross receipts for charitable trusts as outlined in Section 2(15) of the Income Tax Act does not constitute sufficient grounds for the cancellation of registration. The assessee was given approval for registration under section 12AA…
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