https://www.taxtmi.com/caselaws?id=194202 The Tribunal granted the assessee the benefit of exemption under sections 11 and 12 of the IT Act, 1961, despite delayed registration under section 12AA. The Tribunal directed the Assessing Officer to tax the surplus at the normal rate applicable to an Association of Persons (AOP) and not at the Maximum Marginal Rate (MMR). The Tribunal dismissed the revenue's appeals, affirming the assessee's entitlement to exemption and the correct taxation rate. The final judgment allowed the assessee's appeals and dismissed the revenue's appeals, with the order pronounced on 07/06/2016. en-us Tue, 07 Jun 2016 00:00:00 +0530 Fri, 01 Sep 2017 07:44:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194202 The Tribunal granted the assessee the benefit of exemption under sections 11 and 12 of the IT Act, 1961, despite delayed registration under section 12AA. The Tribunal directed the Assessing Officer to tax the surplus at the normal rate applicable to an Association of Persons (AOP) and not at the Maximum Marginal Rate (MMR). The Tribunal dismissed the revenue's appeals, affirming the assessee's entitlement to exemption and the correct taxation rate. The final judgment allowed the assessee's appeals and dismissed the revenue's appeals, with the order pronounced on 07/06/2016. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194202