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Income from Trust used Directly or Indirectly for benefit of any prohibited Person is not entitled to Exemption u/s 11: ITAT [Read Order]

By Yogitha S. Yogesh - On May 24, 2022 12:02 pm

The Cuttack bench of the Income Tax Appellate Tribunal ( ITAT ) held that income from the trust used directly or indirectly for the benefit of any prohibited person is not entitled to exemption u/s11 of the Income Tax Act ,1961 and upheld the order passed by the Commissioner of Income Tax (Appeals) The appellant…

M/s Nabadigant Educational Trust vs ITO

Counsel for Appellant:   Shri B.R.Pattnaik

Counsel for Respondent:   Shri M.K.Goutam

CITATION:   2022 TAXSCAN (ITAT) 565