https://www.taxtmi.com/caselaws?id=419527 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. It held that the exemption under Section 11 should not have been denied as the investment did not violate Section 13(2)(h). Only income from prohibited investments should be denied exemption under Section 11. The Tribunal directed the AO to compute interest under Sections 234B, 234C, and 234D as per law, grant interest under Section 244A, allow exemption under Section 10(34) for dividend income, permit the claim of depreciation, and allow the carry forward of excess application/deficit. The AO was instructed to levy interest under Section 234A only if there was a delay in filing the return. en-us Thu, 10 Mar 2022 00:00:00 +0530 Sat, 12 Mar 2022 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419527 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. It held that the exemption under Section 11 should not have been denied as the investment did not violate Section 13(2)(h). Only income from prohibited investments should be denied exemption under Section 11. The Tribunal directed the AO to compute interest under Sections 234B, 234C, and 234D as per law, grant interest under Section 244A, allow exemption under Section 10(34) for dividend income, permit the claim of depreciation, and allow the carry forward of excess application/deficit. The AO was instructed to levy interest under Section 234A only if there was a delay in filing the return. Case-Laws Income Tax Thu, 10 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419527