https://www.taxtmi.com/caselaws?id=22828 The court ruled in favor of the petitioner-Board, holding that the Central Board of Direct Taxes exceeded its authority by limiting the tax exemption status granted under exhibit P-3. The court emphasized that only the Central Government has the power to issue, modify, or cancel such notifications, not the Central Board of Revenue. As a result, the actions taken by the Central Board of Direct Taxes to curtail the tax exemption of the petitioner-Board were deemed legally unsustainable. The court quashed exhibits P-4, P-14, and P-15, upholding the tax exemption status of the petitioner-Board as per exhibit P-3. en-us Thu, 31 May 1990 00:00:00 +0530 Mon, 14 Dec 2009 13:41:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22828 The court ruled in favor of the petitioner-Board, holding that the Central Board of Direct Taxes exceeded its authority by limiting the tax exemption status granted under exhibit P-3. The court emphasized that only the Central Government has the power to issue, modify, or cancel such notifications, not the Central Board of Revenue. As a result, the actions taken by the Central Board of Direct Taxes to curtail the tax exemption of the petitioner-Board were deemed legally unsustainable. The court quashed exhibits P-4, P-14, and P-15, upholding the tax exemption status of the petitioner-Board as per exhibit P-3. Case-Laws Income Tax Thu, 31 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22828