Registration can’t be denied just because trust is earning profits if same was utilised for objects of trust: ITAT

INCOME TAX : Profit-making per se cannot be regarded as detrimental as long as it feeds a charitable purpose of a trust; therefore, where main object of assessee educational trust was to carry-out object of education only, assessee could not be denied grant of registration under section 12AA merely because assessee was earning certain profit, specifically, when same was utilised towards objects of trustINCOME TAX : Profit-making per se cannot be regarded as detrimental as long as it feeds a charitable purpose of a trust; therefore, where main object of assessee educational trust was to carry-out object of education only, assessee could not be denied grant of registration under section 12AA merely because assessee was earning certain profit, specifically, when same was utilised towards objects of trustwww.taxmann.com Latest Case LawsRead More

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