https://www.taxtmi.com/caselaws?id=250731 The High Court upheld the Tribunal's decision, ruling that denial of exemption should only apply to the income violating specific provisions, not the entire income. The Court emphasized the distinction between eligibility for exemption and forfeiture for contravention of the law. It was held that only the portion of income forfeiting exemption should be taxed at the maximum marginal rate, not the entirety of income. The Court rejected the Revenue's appeals, affirming the Tribunal's order based on the correct interpretation and application of tax laws. en-us Mon, 03 Feb 2014 00:00:00 +0530 Fri, 01 Jul 2016 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250731 The High Court upheld the Tribunal's decision, ruling that denial of exemption should only apply to the income violating specific provisions, not the entire income. The Court emphasized the distinction between eligibility for exemption and forfeiture for contravention of the law. It was held that only the portion of income forfeiting exemption should be taxed at the maximum marginal rate, not the entirety of income. The Court rejected the Revenue's appeals, affirming the Tribunal's order based on the correct interpretation and application of tax laws. Case-Laws Income Tax Mon, 03 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250731