https://www.taxtmi.com/caselaws?id=350512 The High Court upheld the Tribunal's decision that the assessee, an autonomous institution established by the Reserve Bank of India, was eligible for exemption under Section 11 of the Income Tax Act, 1961. It was held that the assessee's activities were not in the nature of trade, commerce, or business, and therefore did not fall under the proviso to Section 2(15). The Court also found that the applicability of Section 13(8) was moot due to the assessee not being engaged in trade, commerce, or business. The issue of double deduction of income was resolved in favor of the assessee based on prior judicial interpretations. en-us Mon, 09 Oct 2017 00:00:00 +0530 Wed, 10 Jan 2018 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350512 The High Court upheld the Tribunal's decision that the assessee, an autonomous institution established by the Reserve Bank of India, was eligible for exemption under Section 11 of the Income Tax Act, 1961. It was held that the assessee's activities were not in the nature of trade, commerce, or business, and therefore did not fall under the proviso to Section 2(15). The Court also found that the applicability of Section 13(8) was moot due to the assessee not being engaged in trade, commerce, or business. The issue of double deduction of income was resolved in favor of the assessee based on prior judicial interpretations. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350512