https://www.taxtmi.com/caselaws?id=259645 The High Court quashed the communication rejecting the exemption certificate under Section 197 of the Income Tax Act for the financial year 2014-15. The Court held that the interest income on state funds cannot be treated as the petitioner's income, citing constitutional provisions protecting state income from taxation. The Court emphasized the importance of providing proper reasoning for decisions under the Income Tax Act and directed the issuance of the exemption certificate while allowing authorities to reassess in future years with a fair opportunity to the petitioner and a reasoned order. en-us Mon, 30 Mar 2015 00:00:00 +0530 Sat, 16 May 2015 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259645 The High Court quashed the communication rejecting the exemption certificate under Section 197 of the Income Tax Act for the financial year 2014-15. The Court held that the interest income on state funds cannot be treated as the petitioner's income, citing constitutional provisions protecting state income from taxation. The Court emphasized the importance of providing proper reasoning for decisions under the Income Tax Act and directed the issuance of the exemption certificate while allowing authorities to reassess in future years with a fair opportunity to the petitioner and a reasoned order. Case-Laws Income Tax Mon, 30 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259645