https://www.taxtmi.com/caselaws?id=377933 The Bombay High Court affirmed the Tribunal's decision in a case concerning the interpretation of Section 2(15) and the applicability of Section 11 of the Income Tax Act. The Court held that the proviso to Section 2(15) did not apply as the assessee Trust was not engaged in trade, commerce, or business. The interest income earned from surplus funds invested in promoting golf was exempt under Section 11 as it was invested in specified deposits. The Court dismissed the appeal, confirming the exemption of interest income derived from property held under trust for charitable purposes under Section 11. en-us Tue, 02 Apr 2019 00:00:00 +0530 Fri, 05 Apr 2019 08:59:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377933 The Bombay High Court affirmed the Tribunal's decision in a case concerning the interpretation of Section 2(15) and the applicability of Section 11 of the Income Tax Act. The Court held that the proviso to Section 2(15) did not apply as the assessee Trust was not engaged in trade, commerce, or business. The interest income earned from surplus funds invested in promoting golf was exempt under Section 11 as it was invested in specified deposits. The Court dismissed the appeal, confirming the exemption of interest income derived from property held under trust for charitable purposes under Section 11. Case-Laws Income Tax Tue, 02 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377933