https://www.taxtmi.com/caselaws?id=270118 The Court upheld the respondent's entitlement to tax exemption under Section 11 of the Income Tax Act, finding that the interest earned on funds parked in FDS was not taxable income. The Court determined that the respondent, acting in a fiduciary capacity as a statutory authority for public purposes, met the criteria for exemption under Section 11 despite discrepancies in compliance with statutory requirements. The Court dismissed the appeal, emphasizing the respondent's alignment with charitable purposes and public welfare activities. en-us Tue, 15 Dec 2015 00:00:00 +0530 Tue, 29 Dec 2015 04:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270118 The Court upheld the respondent's entitlement to tax exemption under Section 11 of the Income Tax Act, finding that the interest earned on funds parked in FDS was not taxable income. The Court determined that the respondent, acting in a fiduciary capacity as a statutory authority for public purposes, met the criteria for exemption under Section 11 despite discrepancies in compliance with statutory requirements. The Court dismissed the appeal, emphasizing the respondent's alignment with charitable purposes and public welfare activities. Case-Laws Income Tax Tue, 15 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270118