https://www.taxtmi.com/caselaws?id=380473 The High Court upheld the Tribunal's decisions in three appeals, ruling in favor of the assessee and dismissing the revenue's appeals. The exemption under Section 11 of the Income Tax Act disallowed by the AO was allowed by the Tribunal, emphasizing compliance with Sections 11 and 12. Quantum addition for the assessment year 2006-07 was deleted by the Tribunal, leading to no tax evasion and no penalty imposition. The penalty under Section 271(1)(c) for the assessment year 2007-08 was deleted as well, with the High Court finding no grounds for interference. en-us Wed, 16 Jan 2019 00:00:00 +0530 Wed, 22 May 2019 07:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380473 The High Court upheld the Tribunal's decisions in three appeals, ruling in favor of the assessee and dismissing the revenue's appeals. The exemption under Section 11 of the Income Tax Act disallowed by the AO was allowed by the Tribunal, emphasizing compliance with Sections 11 and 12. Quantum addition for the assessment year 2006-07 was deleted by the Tribunal, leading to no tax evasion and no penalty imposition. The penalty under Section 271(1)(c) for the assessment year 2007-08 was deleted as well, with the High Court finding no grounds for interference. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380473