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CHARITABLE OR RELIGIOUS TRUST – EXEMPTION OF INCOME FROM PROPERTY HELD UNDER

March 2, 2024

Sub section 15 : Where assessee had been consistently treating grants received from Government of India and utilised by implementing agencies as income and grants released to State Government, as and when utilization certificates were received as expenditure, in compliance with accounting procedure defined in GFR 230(5) of Government of India and directions of IFD and had spent 85 per cent of such income towards its objects, balance income of assessee was exempt under section 11 – Deputy Commissioner of Income-tax, Exemptions Circle v. National Fisheries Development Board – [2024] 160 taxmann.com 5 (Hyderabad – Trib.)

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