https://www.taxtmi.com/caselaws?id=418083 The Tribunal concluded that the appellant, a development authority, qualified for exemption under sections 11 and 12 of the Income Tax Act as its activities were deemed charitable, not commercial. The case was remanded to the CIT(A) for recalculating deductions, overturning the AO's and CIT(A)'s decisions to subject the appellant to income tax. The appellant's appeals were allowed, and the Revenue's appeal was dismissed. en-us Fri, 28 Jan 2022 00:00:00 +0530 Tue, 08 Feb 2022 06:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418083 The Tribunal concluded that the appellant, a development authority, qualified for exemption under sections 11 and 12 of the Income Tax Act as its activities were deemed charitable, not commercial. The case was remanded to the CIT(A) for recalculating deductions, overturning the AO's and CIT(A)'s decisions to subject the appellant to income tax. The appellant's appeals were allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418083