https://www.taxtmi.com/caselaws?id=389493 The court ruled in favor of the revenue and against the assessee on all three substantial questions of law. The orders of the CIT (Appeals) and the tribunal were set aside, and the appeal by the revenue was allowed. The exemption under Section 10(23AA) was denied as the fund was not established by the armed forces of the Union. The deletion of addition under Section 40(a)(ia) was upheld due to the denial of exemption under Section 11. The court also found that the maximum marginal rate under Section 13 was not correctly applied and should have been imposed on the entire income. en-us Fri, 15 Nov 2019 00:00:00 +0530 Mon, 09 Dec 2019 14:54:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389493 The court ruled in favor of the revenue and against the assessee on all three substantial questions of law. The orders of the CIT (Appeals) and the tribunal were set aside, and the appeal by the revenue was allowed. The exemption under Section 10(23AA) was denied as the fund was not established by the armed forces of the Union. The deletion of addition under Section 40(a)(ia) was upheld due to the denial of exemption under Section 11. The court also found that the maximum marginal rate under Section 13 was not correctly applied and should have been imposed on the entire income. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389493