https://www.taxtmi.com/caselaws?id=275102 The High Court set aside the assessment orders for AYs 2012-13 & 2013-14, emphasizing that the activities of the assessee were charitable in nature and qualified for exclusion under the Income Tax Act. The Court ruled in favor of the assessee, holding that the premium received on long-term lease of land was taxable income. The assessment was directed to be reexamined in consideration of the charitable nature of the activities, with all other issues left open for further review by the Assessing Officer. The cross-appeals of both the assessee and Revenue were allowed for statistical purposes. en-us Fri, 10 Nov 2017 00:00:00 +0530 Wed, 19 Sep 2018 05:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275102 The High Court set aside the assessment orders for AYs 2012-13 & 2013-14, emphasizing that the activities of the assessee were charitable in nature and qualified for exclusion under the Income Tax Act. The Court ruled in favor of the assessee, holding that the premium received on long-term lease of land was taxable income. The assessment was directed to be reexamined in consideration of the charitable nature of the activities, with all other issues left open for further review by the Assessing Officer. The cross-appeals of both the assessee and Revenue were allowed for statistical purposes. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275102