https://www.taxtmi.com/caselaws?id=416614 The Tribunal upheld the assessee's entitlement to exemptions under Sections 11 & 12 of the Income Tax Act, ruling that the activities were for charitable purposes and not for profit. The Tribunal found that the proviso to Section 2(15) did not apply, as the activities were for public utility. The assessee, a regulatory body for urban development, was considered a charitable institution. The Tribunal also approved the accumulation of income under Section 11(2) and the deduction under Section 11(1)(a), leading to the dismissal of the Revenue's appeal and upholding the CIT(A)'s decision in favor of the assessee. en-us Mon, 06 Dec 2021 00:00:00 +0530 Mon, 03 Jan 2022 08:26:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416614 The Tribunal upheld the assessee's entitlement to exemptions under Sections 11 & 12 of the Income Tax Act, ruling that the activities were for charitable purposes and not for profit. The Tribunal found that the proviso to Section 2(15) did not apply, as the activities were for public utility. The assessee, a regulatory body for urban development, was considered a charitable institution. The Tribunal also approved the accumulation of income under Section 11(2) and the deduction under Section 11(1)(a), leading to the dismissal of the Revenue's appeal and upholding the CIT(A)'s decision in favor of the assessee. Case-Laws Income Tax Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416614