https://www.taxtmi.com/caselaws?id=423145 The High Court of Karnataka remanded the issue of treating income from a pharmacy attached to a hospital as business income to the Tribunal. The Tribunal ruled in favor of the assessee, holding that the pharmacy income should not be treated as business income due to its integral nature to the hospital's operations. The Tribunal emphasized that maintaining separate ledger accounts for the pharmacy sufficed for identification of transactions, meeting the conditions for exemption under section 11. The court allowed the appeal, directing the deletion of the addition made by the Assessing Officer and confirming the eligibility of pharmacy income for exemption. en-us Fri, 29 Apr 2022 00:00:00 +0530 Mon, 30 May 2022 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423145 The High Court of Karnataka remanded the issue of treating income from a pharmacy attached to a hospital as business income to the Tribunal. The Tribunal ruled in favor of the assessee, holding that the pharmacy income should not be treated as business income due to its integral nature to the hospital's operations. The Tribunal emphasized that maintaining separate ledger accounts for the pharmacy sufficed for identification of transactions, meeting the conditions for exemption under section 11. The court allowed the appeal, directing the deletion of the addition made by the Assessing Officer and confirming the eligibility of pharmacy income for exemption. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423145