Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of The ITAT upheld that the assessee is a charitable institution established under enabling metropolitan statutes and falls within 'general public utility' under s.2(15), its registration u/s.12AA remaining valid. The Tribunal held the proviso to s.2(15) inapplicable and directed that exemption u/s.11 (and consequentially u/s.12) be allowed; Revenue's grounds challenging this (grounds nos.2, 3 and 5) were dismissed and the CIT(A)'s order sustained. Treatment of lease premium and TDRs as non-taxable for the relevant years, and the disallowance/ notional interest additions relating to public deposits/advances, were rendered academic in view of the exemption holding and prior Coordinate Bench rulings.
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