M/s. Ekadantha Charitable Trust, Bengaluru Vs. DCIT

Parties Involved

Facts Summary

The assessee, M/s. Ekadantha Charitable Trust, filed its return of income for the Assessment Year 2023-24 declaring 'Nil' Taxable income. An intimation under section 143(1) of the Income Tax Act, 1961 was passed on 23.12.2024 treating the entire gross receipts amounting to Rs.31,35,158/- as taxable income without granting deductions for legitimate expenditures amounting to Rs.29,39,482/- and the accumulated amount to the extent it does not exceed 15% of the gross receipts amounting to Rs.1,95,676/-. The assessee appealed against this intimation to the Addl./JCIT(A) and subsequently to the Income Tax Appellate Tribunal (ITAT) on the grounds that the entire gross receipts should not have been taxed without considering the legitimate expenditures and the accumulations.…

Legal Issues

• 1. Whether the entire gross receipts should have been taxed without considering the legitimate expenditures and accumulations?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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