https://www.taxtmi.com/caselaws?id=395346 The Tribunal ruled in favor of the trade association with charitable objects, allowing exemptions under Sections 11 and 12 of the Income-tax Act, 1961. The Tribunal held that the activities were charitable, rejecting the Revenue's arguments against the benefit to the public and the principle of mutuality. Additionally, the Tribunal directed the deletion of corpus donations from income, considering them as surplus profits. Foreign grants pending approval under the FCRA were deemed non-taxable until approval, and the penalty under Section 271(1)(c) was dismissed due to no remaining quantum additions. en-us Thu, 30 Apr 2020 00:00:00 +0530 Tue, 22 Sep 2020 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395346 The Tribunal ruled in favor of the trade association with charitable objects, allowing exemptions under Sections 11 and 12 of the Income-tax Act, 1961. The Tribunal held that the activities were charitable, rejecting the Revenue's arguments against the benefit to the public and the principle of mutuality. Additionally, the Tribunal directed the deletion of corpus donations from income, considering them as surplus profits. Foreign grants pending approval under the FCRA were deemed non-taxable until approval, and the penalty under Section 271(1)(c) was dismissed due to no remaining quantum additions. Case-Laws Income Tax Thu, 30 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395346