Inapplicability of 12A(1)(ba) Amendment for 2017-18 AY: ITAT grants Temple Trust Exemptions u/s 11&12

The ITAT has granted exemptions under Section 1112 of the Income Tax Act for a temple trust, ruling that the 12A(1)(BA) amendment does not apply for the 2017-18 assessment year. The case involved a temple trust seeking exemption from taxation under provisions for charitable trusts. The ITAT ruled that the amendments to Section 12A(1)(BA) did not apply to the trust for the 2017-18 assessment year, allowing the exemption to stand. This decision highlights the tribunal’s approach to granting tax exemptions to charitable organizations in line with specific provisions. It also underscores the importance of timely and accurate application of tax amendments, particularly in cases involving religious or charitable trusts.