https://www.taxtmi.com/caselaws?id=327831 The Tribunal held that the society under the Department of Space qualified as charitable under section 2(15) of the Income Tax Act, as its activities were primarily for strategic national needs, not profit-making. Sales made at lower rates to government departments were not subject to section 40A(2)(b). Despite being registered under section 12AA, the society was eligible for exemption under section 11, as its surplus income was within the permissible limit. The requirement of maintaining separate books of account for grants was deemed unnecessary, and the society was granted exemption under section 11, with Revenue's appeals dismissed. en-us Thu, 12 May 2016 00:00:00 +0530 Fri, 20 May 2016 13:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327831 The Tribunal held that the society under the Department of Space qualified as charitable under section 2(15) of the Income Tax Act, as its activities were primarily for strategic national needs, not profit-making. Sales made at lower rates to government departments were not subject to section 40A(2)(b). Despite being registered under section 12AA, the society was eligible for exemption under section 11, as its surplus income was within the permissible limit. The requirement of maintaining separate books of account for grants was deemed unnecessary, and the society was granted exemption under section 11, with Revenue's appeals dismissed. Case-Laws Income Tax Thu, 12 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327831