https://www.taxtmi.com/caselaws?id=404122 The High Court dismissed the Tax Appeal, upholding the assessee's position on various issues under the Income Tax Act, 1961. The Court found that the assessee's activities did not constitute commerce/trade, validating benefits claimed under sections 11(1)(a) and 11(2) of the Act. Additionally, the Court supported the deletion of certain additions by the Income Tax Appellate Tribunal and allowed deemed application of funds against future income. The Court also upheld the decision to allow exemptions despite pending appeals and decisions of the Coordinate Bench, ultimately dismissing the Revenue's contentions. en-us Mon, 11 Jan 2021 00:00:00 +0530 Fri, 23 Jul 2021 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404122 The High Court dismissed the Tax Appeal, upholding the assessee's position on various issues under the Income Tax Act, 1961. The Court found that the assessee's activities did not constitute commerce/trade, validating benefits claimed under sections 11(1)(a) and 11(2) of the Act. Additionally, the Court supported the deletion of certain additions by the Income Tax Appellate Tribunal and allowed deemed application of funds against future income. The Court also upheld the decision to allow exemptions despite pending appeals and decisions of the Coordinate Bench, ultimately dismissing the Revenue's contentions. Case-Laws Income Tax Mon, 11 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404122