https://www.taxtmi.com/caselaws?id=330109 The Rajasthan High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in favor of the assessees, Agriculture Produce Market Committees, allowing their claim for exemption under Section 11(1)(a) of the Income Tax Act. The court affirmed that the assessees could set off expenditure exceeding income from the previous year against income of the subsequent year for claiming exemption. The court dismissed the appeals, confirming the validity of the assessees' claims and noting the Revenue's consistent acceptance of similar decisions in the past. en-us Tue, 26 Apr 2016 00:00:00 +0530 Fri, 03 Feb 2017 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330109 The Rajasthan High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in favor of the assessees, Agriculture Produce Market Committees, allowing their claim for exemption under Section 11(1)(a) of the Income Tax Act. The court affirmed that the assessees could set off expenditure exceeding income from the previous year against income of the subsequent year for claiming exemption. The court dismissed the appeals, confirming the validity of the assessees' claims and noting the Revenue's consistent acceptance of similar decisions in the past. Case-Laws Income Tax Tue, 26 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330109