https://www.taxtmi.com/caselaws?id=23863 The High Court of Bombay ruled in favor of the assessee company, affirming that its income was exempt under section 11 of the Income-tax Act, 1961. The court emphasized that the company's memorandum of association, specifically clause (e), mandated the utilization of income solely for charitable purposes. The court rejected the Department's argument that the income could be used for any object, highlighting that clause (e) created a trust for all assets and income to be used for charitable activities. The judgment underscored the importance of the language in the company's memorandum of association in determining income tax exemption eligibility. en-us Mon, 18 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 18:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23863 The High Court of Bombay ruled in favor of the assessee company, affirming that its income was exempt under section 11 of the Income-tax Act, 1961. The court emphasized that the company's memorandum of association, specifically clause (e), mandated the utilization of income solely for charitable purposes. The court rejected the Department's argument that the income could be used for any object, highlighting that clause (e) created a trust for all assets and income to be used for charitable activities. The judgment underscored the importance of the language in the company's memorandum of association in determining income tax exemption eligibility. Case-Laws Income Tax Mon, 18 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23863