https://www.taxtmi.com/caselaws?id=398739 The ITAT upheld the CIT(A)'s decision, ruling that the milk collection and disbursement activity by the charitable institution was not a business but part of empowering women. The proviso to Section 2(15) was deemed inapplicable as the institution's activities focused on education and medical relief. Separate books of accounts were not mandated as the activity was charitable, surplus from FCRA receipts was utilized properly, revolving funds were considered as application of income, and corpus funds were correctly classified. The revenue's appeal was dismissed. en-us Wed, 09 Sep 2020 00:00:00 +0530 Wed, 23 Sep 2020 10:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398739 The ITAT upheld the CIT(A)'s decision, ruling that the milk collection and disbursement activity by the charitable institution was not a business but part of empowering women. The proviso to Section 2(15) was deemed inapplicable as the institution's activities focused on education and medical relief. Separate books of accounts were not mandated as the activity was charitable, surplus from FCRA receipts was utilized properly, revolving funds were considered as application of income, and corpus funds were correctly classified. The revenue's appeal was dismissed. Case-Laws Income Tax Wed, 09 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398739