https://www.taxtmi.com/caselaws?id=405997 The Tribunal ruled in favor of the trust, allowing the appeals and granting exemption under section 11 of the Income Tax Act. The Tribunal held that the income from the recording studio was not to be treated as business income but as integral to the trust's educational objectives. It was determined that the studio activities were not profit-oriented but served to support the trust's educational mission by subsidizing student fees. The Tribunal set aside the lower authorities' decisions and recognized the studio activities as part of the trust's educational endeavors. en-us Tue, 30 Mar 2021 00:00:00 +0530 Wed, 31 Mar 2021 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405997 The Tribunal ruled in favor of the trust, allowing the appeals and granting exemption under section 11 of the Income Tax Act. The Tribunal held that the income from the recording studio was not to be treated as business income but as integral to the trust's educational objectives. It was determined that the studio activities were not profit-oriented but served to support the trust's educational mission by subsidizing student fees. The Tribunal set aside the lower authorities' decisions and recognized the studio activities as part of the trust's educational endeavors. Case-Laws Income Tax Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405997