Case Law Analysis
|Income Tax Appellate Tribunal
Bank deposits qualify as ‘another capital asset’ under Sec 11(1A) for charitable trusts | Section 11(1A) exemption : ITAT (Delhi)
Bank deposits, including current-account balances, are deemed ‘another capital asset’ under Section 11(1A) of the Income-Tax Act. This allows charitable trusts to claim full exemption on capital-gain income reinvested in such deposits, expanding the range of tax-free investment options for trusts.