https://www.taxtmi.com/caselaws?id=405697 The High Court of Karnataka addressed the treatment of pharmacy income as business income for a charitable trust and the calculation of accumulation on gross receipts. The Court found that the trust did not meet the conditions of Section 11(4A) and remitted the matter back to the Tribunal for proper assessment. Additionally, the Court ruled in favor of calculating accumulation on net receipts based on established legal precedents, rejecting the revenue's argument for gross receipts calculation. en-us Tue, 09 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405697 The High Court of Karnataka addressed the treatment of pharmacy income as business income for a charitable trust and the calculation of accumulation on gross receipts. The Court found that the trust did not meet the conditions of Section 11(4A) and remitted the matter back to the Tribunal for proper assessment. Additionally, the Court ruled in favor of calculating accumulation on net receipts based on established legal precedents, rejecting the revenue's argument for gross receipts calculation. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405697