https://www.taxtmi.com/caselaws?id=16392 The court ruled in favor of the assessee on all issues, emphasizing the importance of the primary charitable purpose in determining exemption eligibility under section 11 despite the presence of section 13(1)(bb) in the Income-tax Act. The court held that the assessee was entitled to exemption under section 11, even with the amendment to section 13(1)(bb), as long as the business was carried out in line with the primary object of the institution. The court also clarified that interest on investment of surplus funds should be taxed under "Other sources" and not as income from the business of running kuries. Additionally, the court emphasized that withdrawn grounds should not impact the consistent claim for exemption under section 11. en-us Thu, 12 Feb 1998 00:00:00 +0530 Mon, 07 Sep 2009 15:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16392 The court ruled in favor of the assessee on all issues, emphasizing the importance of the primary charitable purpose in determining exemption eligibility under section 11 despite the presence of section 13(1)(bb) in the Income-tax Act. The court held that the assessee was entitled to exemption under section 11, even with the amendment to section 13(1)(bb), as long as the business was carried out in line with the primary object of the institution. The court also clarified that interest on investment of surplus funds should be taxed under "Other sources" and not as income from the business of running kuries. Additionally, the court emphasized that withdrawn grounds should not impact the consistent claim for exemption under section 11. Case-Laws Income Tax Thu, 12 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16392