https://www.taxtmi.com/caselaws?id=257777 The Court dismissed all appeals, ruling against the appellant-revenue and in favor of the respondent-assessee. The Court held that denial of exemption under the Income Tax Act should only apply to the relevant income affected by the contraventions of specific sections, not the entire income amount. The Court reiterated that income derived from property held under trust should not be included in the income to the extent applied for charitable purposes, referencing a previous decision and a Karnataka High Court ruling on the matter. No costs were awarded in the case. en-us Wed, 03 Dec 2014 00:00:00 +0530 Mon, 23 Mar 2015 06:59:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257777 The Court dismissed all appeals, ruling against the appellant-revenue and in favor of the respondent-assessee. The Court held that denial of exemption under the Income Tax Act should only apply to the relevant income affected by the contraventions of specific sections, not the entire income amount. The Court reiterated that income derived from property held under trust should not be included in the income to the extent applied for charitable purposes, referencing a previous decision and a Karnataka High Court ruling on the matter. No costs were awarded in the case. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257777