https://www.taxtmi.com/caselaws?id=279115 The ITAT upheld the grant of exemption to the assessee trust under sections 11 and 12A of the Income Tax Act for the assessment year 2010-11. The High Court affirmed the Tribunal's decision, emphasizing the trust's charitable activities in cattle breeding, agriculture, and education. The Court clarified that incidental surpluses did not change the nature of the activities to trade or business, dismissing the Revenue's appeal. The ITAT directed the AO to allow the set off of brought forward deficit against any surplus for the relevant assessment year as per the assessee's cross objection. en-us Mon, 31 Jul 2017 00:00:00 +0530 Tue, 05 Mar 2019 00:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279115 The ITAT upheld the grant of exemption to the assessee trust under sections 11 and 12A of the Income Tax Act for the assessment year 2010-11. The High Court affirmed the Tribunal's decision, emphasizing the trust's charitable activities in cattle breeding, agriculture, and education. The Court clarified that incidental surpluses did not change the nature of the activities to trade or business, dismissing the Revenue's appeal. The ITAT directed the AO to allow the set off of brought forward deficit against any surplus for the relevant assessment year as per the assessee's cross objection. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279115