https://www.taxtmi.com/caselaws?id=418617 The Appellate Tribunal ruled in favor of the appellant Trust in a case concerning the allowability of exemption under section 10(23C)(iiiae) of the Income Tax Act, 1961. The Trust, formed for philanthropic purposes, faced challenges regarding the eligibility of 'other income' for deduction, and concerns about profit due to surplus income exceeding 15%. Despite initial disallowance by the Ld. CIT(E), the Tribunal found the Trust's activities to be genuinely charitable, with income used solely for philanthropic endeavors. The Tribunal overturned the disallowance, emphasizing the Trust's compliance with statutory conditions and philanthropic objectives. en-us Wed, 09 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418617 The Appellate Tribunal ruled in favor of the appellant Trust in a case concerning the allowability of exemption under section 10(23C)(iiiae) of the Income Tax Act, 1961. The Trust, formed for philanthropic purposes, faced challenges regarding the eligibility of 'other income' for deduction, and concerns about profit due to surplus income exceeding 15%. Despite initial disallowance by the Ld. CIT(E), the Tribunal found the Trust's activities to be genuinely charitable, with income used solely for philanthropic endeavors. The Tribunal overturned the disallowance, emphasizing the Trust's compliance with statutory conditions and philanthropic objectives. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418617