https://www.taxtmi.com/caselaws?id=387489 The tribunal ruled in favor of the assessee, Gujarat Maritime Board, determining that its activities were charitable and not business-oriented. The assessee was granted exemption under sections 11 and 12 of the Income Tax Act. Depreciation claims on assets were allowed, and profit on the sale of assets was not included in total income. Contributions to the Pension Fund were deemed allowable. Disallowance under Rule 8D(iii) for dividend income was deleted due to the assessee's exemption status. The matter of interest on income tax refund was referred back to the AO for further verification. The tribunal upheld the assessee's appeals and dismissed those of the revenue. en-us Tue, 30 Jul 2019 00:00:00 +0530 Wed, 23 Oct 2019 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387489 The tribunal ruled in favor of the assessee, Gujarat Maritime Board, determining that its activities were charitable and not business-oriented. The assessee was granted exemption under sections 11 and 12 of the Income Tax Act. Depreciation claims on assets were allowed, and profit on the sale of assets was not included in total income. Contributions to the Pension Fund were deemed allowable. Disallowance under Rule 8D(iii) for dividend income was deleted due to the assessee's exemption status. The matter of interest on income tax refund was referred back to the AO for further verification. The tribunal upheld the assessee's appeals and dismissed those of the revenue. Case-Laws Income Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387489