https://www.taxtmi.com/caselaws?id=193466 The ITAT allowed the appeal, overturning the lower authorities' decisions. It found that the appellant's transactions with Celestial Biologicals Limited were market-driven and not intended to unduly benefit the related party. The ITAT concluded that the appellant's charitable nature and financial dealings were transparent and justified, noting that the AO's disallowance of depreciation and denial of exemption under Sections 11 & 12 were incorrect. The ITAT emphasized that the appellant followed applicable accounting standards and that the revenue from selling Fresh Frozen Plasma added to profit, ultimately ruling in favor of the appellant. en-us Thu, 17 Nov 2016 00:00:00 +0530 Mon, 31 Jul 2017 08:11:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193466 The ITAT allowed the appeal, overturning the lower authorities' decisions. It found that the appellant's transactions with Celestial Biologicals Limited were market-driven and not intended to unduly benefit the related party. The ITAT concluded that the appellant's charitable nature and financial dealings were transparent and justified, noting that the AO's disallowance of depreciation and denial of exemption under Sections 11 & 12 were incorrect. The ITAT emphasized that the appellant followed applicable accounting standards and that the revenue from selling Fresh Frozen Plasma added to profit, ultimately ruling in favor of the appellant. Case-Laws Income Tax Thu, 17 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193466