https://www.taxtmi.com/caselaws?id=396603 The Tribunal ruled in favor of the appellant, recognizing its activities as charitable under the Gujarat Maritime Board Act, 1981, and not in the nature of trade, commerce, or business. Consequently, the Tribunal set aside the CIT(A)'s findings, directing the AO to grant exemption benefits under Sections 11 and 12. However, the Tribunal dismissed the additional ground of appeal concerning Section 13(1)(d) due to the appellant's lack of argument on this issue. The appeal was partly allowed, affirming the appellant's entitlement to the exemption benefits while dismissing the specific ground related to investments in Public-Sector Companies/Corporations. en-us Mon, 01 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396603 The Tribunal ruled in favor of the appellant, recognizing its activities as charitable under the Gujarat Maritime Board Act, 1981, and not in the nature of trade, commerce, or business. Consequently, the Tribunal set aside the CIT(A)'s findings, directing the AO to grant exemption benefits under Sections 11 and 12. However, the Tribunal dismissed the additional ground of appeal concerning Section 13(1)(d) due to the appellant's lack of argument on this issue. The appeal was partly allowed, affirming the appellant's entitlement to the exemption benefits while dismissing the specific ground related to investments in Public-Sector Companies/Corporations. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396603