https://www.taxtmi.com/caselaws?id=203123 The Tribunal upheld the CIT(A)'s decision to allow exemption under sections 11 and 12 by interpreting the provisions under section 13(1)(d)(iii) favorably for the assessee. The Tribunal dismissed the revenue's appeal, ruling that the infringement regarding ownership of shares was technical and should be ignored. Additionally, the Tribunal addressed the disallowance of grant utilization for acquiring a capital asset, stating that once exemption under section 11(1)(a) was allowed, the amount used for the capital asset had to be excluded from the total income. Consequently, the appeal was dismissed in its entirety. en-us Fri, 19 Jun 2009 00:00:00 +0530 Fri, 06 May 2011 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203123 The Tribunal upheld the CIT(A)'s decision to allow exemption under sections 11 and 12 by interpreting the provisions under section 13(1)(d)(iii) favorably for the assessee. The Tribunal dismissed the revenue's appeal, ruling that the infringement regarding ownership of shares was technical and should be ignored. Additionally, the Tribunal addressed the disallowance of grant utilization for acquiring a capital asset, stating that once exemption under section 11(1)(a) was allowed, the amount used for the capital asset had to be excluded from the total income. Consequently, the appeal was dismissed in its entirety. Case-Laws Income Tax Fri, 19 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203123