https://www.taxtmi.com/caselaws?id=205970 The Tribunal ruled in favor of the assessee, a statutory body, holding that its income was not taxable as business income under Section 11(4) of the Income Tax Act, 1961. The Tribunal found that the activities were charitable in nature and for public benefit, exempting them from taxation. Additionally, various amounts, including premium prices on leases and deposits obtained, were not considered as business income as they were utilized for charitable purposes. The Tribunal also reversed disallowances under Section 43B, stating that since the income was exempt, the disallowances were unnecessary. The subsidies received were deemed non-taxable as they were not for the assessee's free use. en-us Fri, 03 Dec 2010 00:00:00 +0530 Mon, 03 Oct 2011 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205970 The Tribunal ruled in favor of the assessee, a statutory body, holding that its income was not taxable as business income under Section 11(4) of the Income Tax Act, 1961. The Tribunal found that the activities were charitable in nature and for public benefit, exempting them from taxation. Additionally, various amounts, including premium prices on leases and deposits obtained, were not considered as business income as they were utilized for charitable purposes. The Tribunal also reversed disallowances under Section 43B, stating that since the income was exempt, the disallowances were unnecessary. The subsidies received were deemed non-taxable as they were not for the assessee's free use. Case-Laws Income Tax Fri, 03 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205970