https://www.taxtmi.com/caselaws?id=327272 The Tribunal ruled in favor of the assessee, holding that provisions of sec. 40(a)(ia) and 43B are not applicable when income is computed under sec. 11 of the Income Tax Act. The judgment emphasized the distinction between income from business or profession and income exempt under sec. 11 for trusts and societies, ensuring that the real income concept is applied for charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the additions. en-us Thu, 31 Mar 2016 00:00:00 +0530 Sat, 07 May 2016 11:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327272 The Tribunal ruled in favor of the assessee, holding that provisions of sec. 40(a)(ia) and 43B are not applicable when income is computed under sec. 11 of the Income Tax Act. The judgment emphasized the distinction between income from business or profession and income exempt under sec. 11 for trusts and societies, ensuring that the real income concept is applied for charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the additions. Case-Laws Income Tax Thu, 31 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327272