DIT (Exemption) v. Jasubhai Foundation

374 ITR 315High Court2015#2589 most cited

What is DIT (Exemption) v. Jasubhai Foundation authority for?

A charitable trust can claim exemption for specific income streams under Section 10, such as dividend income under Section 10(34), independently of the provisions of Section 11. Income exempted under Section 10 is not restricted or overridden by Section 11 for trusts.

45

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

Jasubhai Foundation · DIT (Exemption) v. Jasubhai Foundation · Section 10 · Section 11 · Section 10(34) · charitable trust · dividend income exemption · interplay of Section 10 and 11 · trust income exemption · income from property held under trust

Sections most often in play

Section 11Section 10(34)Section 234BSection 234CSection 13(1)(d)Section 80GSection 11(5)Section 13(2)(h)

Issues it is cited on

section 13(l)(d)section 164(2)section 13(1)(d)section 2(29c)section 243section 164section 13(2)section 209section 10(35)section 208section 11(5)section 11(1)(a)

Judgments citing DIT (Exemption) v. Jasubhai Foundation

DCIT (E)- 2(1), Mumbai vs. J.R.D Tata Trust, Mumbai

In the result, the appeal of Revenue is dismissed and that of the assessee is allowed

ITA 3154/MUM/2018[2012-13]Status: DisposedITAT Mumbai13 Sept 2019AY 2012-13

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3082/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) J.R.D Tata Trust, The Income Tax Officer, Bombay House, 24, Homi 2(4), Mody Street, Fort, [Now Assessed By The Mumbai-400 001 Deputy Commissioner Of Vs. Income-Tax (Exemptions)- 2(1), Mumbai, Piramal Chambers, Lalbaug, Parel, Mumbai-400 012 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aaatt0165F

For Appellant: Shri Percy PardiwalaFor Respondent: Shri Rajat Mittal, DR
Section 10(34)Section 10(35)Section 11Section 11(5)Section 12ASection 13(1)(d)Section 13(2)(h)Section 143(3)Section 164

…le of shares under section 10(34) and 10(38) of the Act respectively amounting to Rs. 4,81,352/- i.e. dividend of units only by following the decision of Hon’ble Bombay High Court in the case of Director of Income-tax (Exemptions)v. Jasubhai Foundation [2015] 374 ITR 315 (Bombay). 15. The CIT(A) reversed the findings of the AO and held that only the income which is derived from holding of shares of the four companies, i.e. the dividend income loses exemption under section 11 of the Act and that the remaining income of the assessee continues to enjoy exemption under the said section. Reliance in this regard was pl…

J.R.D. Tata Trust, Mumbai vs. ITO (E) - 2(4) (Now Asssessed by the DCIT (E) 2(1), Mumbai

In the result, the appeal of Revenue is dismissed and that of the assessee is allowed

ITA 3082/MUM/2018[2012-13]Status: DisposedITAT Mumbai13 Sept 2019AY 2012-13

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3082/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) J.R.D Tata Trust, The Income Tax Officer, Bombay House, 24, Homi 2(4), Mody Street, Fort, [Now Assessed By The Mumbai-400 001 Deputy Commissioner Of Vs. Income-Tax (Exemptions)- 2(1), Mumbai, Piramal Chambers, Lalbaug, Parel, Mumbai-400 012 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aaatt0165F

For Appellant: Shri Percy PardiwalaFor Respondent: Shri Rajat Mittal, DR
Section 10(34)Section 10(35)Section 11Section 11(5)Section 12ASection 13(1)(d)Section 13(2)(h)Section 143(3)Section 164

…le of shares under section 10(34) and 10(38) of the Act respectively amounting to Rs. 4,81,352/- i.e. dividend of units only by following the decision of Hon’ble Bombay High Court in the case of Director of Income-tax (Exemptions)v. Jasubhai Foundation [2015] 374 ITR 315 (Bombay). 15. The CIT(A) reversed the findings of the AO and held that only the income which is derived from holding of shares of the four companies, i.e. the dividend income loses exemption under section 11 of the Act and that the remaining income of the assessee continues to enjoy exemption under the said section. Reliance in this regard was pl…

Jm Financial India Fund-Scheme B, Mumbai vs. ITO Ward 17(2)(1), Mumbai

In the result this ground of appeal is allowed

ITA 277/MUM/2019[2015-16]Status: DisposedITAT Mumbai20 Aug 2019AY 2015-16

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhjm Financial India Fund-Scheme Ito - 17(2)(1) Room No. 123-B, 1St Floor, B, 141, Maker Chambers Iii, Nariman Point, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400021. Mumbai-400020. Pan: Aabtj0401F Appellant Respondent

For Appellant: Shri P.J. PardiwalaFor Respondent: Shri S.K. Poddar (CIT-DR) with Shri Nishant Samaiya (Sr. DR)
Section 10Section 10(34)Section 10(35)Section 143(3)Section 161(1)Section 1OSection 234BSection 254(1)Section 2fSection 4

…n 10(35) of the act or not investment in VCU, therefore there is no basis for denying exemption to the assessee. In support of his submission the learned senior counsel relied upon the decision of Bombay High Court in the ITE vs. Jassal by foundation [2015] 374 ITR 315 (Bombay), wherein it was held that while analysing the interplay between section 11 of the Act that there is nothing in the language of two provisions as to how when certain income is not to be included in computing total income of the previous year of any person, then, that which is excluded from section 10 could be included in the total income…

Nandlal Tolani Charitable Trust, Mumbai vs. ITO (E)2(1), Mumbai

In the result, appeal filed by the assessee is dimissed

ITA 106/MUM/2016[2012-13]Status: DisposedITAT Mumbai29 Mar 2019AY 2012-13

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Nandlal Tolani Charitable Vs Ito (E)-2(1), Mumbai Trust, 10-A, Bhkhtawar, Nariman Point, Mumbai 400 021 Pan : Aaatn0043Q Appellant Respondednt

Section 11Section 11(2)Section 12ASection 24

…the Act in the case of all assesses including charitable trusts. 3. The Learned A.O. as well as Learned CIT(A) have erred in not following judgement of Hon'ble Bombay High Court in the case of Director of Income-tax (Exemption) vs. Jasubhai Foundation (2015) 374 ITR 315 wherein it is held that income which is not to be included in Total Income as per the provisions of Act cannot be included in Taxable Income of the Trust entitled to exemption of certain income u7s,10 and u/s.ll of the Act and therefore 30% of income excluded from Income from Property u/s.24(a) of the Act cannot be charged to tax in the case of c…

ITO (E) I(1), Mumbai vs. Bombay Gowrakshak Mandali, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 162/MUM/2017[2012-13]Status: DisposedITAT Mumbai27 Nov 2017AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm Ito (E)1(1) Vs. Bombay Gowrakshak R.No.508, Piramal Mandali Chambers 415-B, Dalamal Tower Lalbaug, Parel 211, Nariman Point, Free Mumbai-400012 Press Marg, Mumbai – 400 023 Pan/Gir No. Aaatb3280B Appellant) .. Respondent)

Section 10(35)Section 143(3)

…A) has also allowed claim for the exemption of dividend u/s.10(35). We found that the issue is covered in favour of the assessee by the decision of the jurisdictional Bombay High Court in the case of DIT (Exemption) v/s. Jasubhai Foundation reported in [2015] 374 ITR 315 and the decision of the Mumbai Bench of the Tribunal in the case of Jamsetji Tata Trust v/s. JDIT (Exemption) reported in [2014] 44 taxmann.com 447. Decision of the Mumbai Bench of the Income-tax Appellate Tribunal in the case of Seth Walchand Hirachand Memorial Trust vs. ITO in ITA No. 4852/M/2016. 12. Respectfully following the order of the Tri…