https://www.taxtmi.com/caselaws?id=436006 The Maritime Board, as the assessee, was deemed entitled to exemptions under Sections 11 and 12 by the ITAT, despite the AO's denial based on the nature of its activities. The ITAT also ruled that only income from non-compliant investments should be taxed under Section 11(5). Additionally, the ITAT held that the TDS amount should not be added to the income and dismissed the appeal for non-grant of TDS credit. The Department's appeal was partially allowed concerning the allowance of depreciation due to an amendment in the Act. The ITAT's decision was pronounced on 29-03-2023. en-us Wed, 29 Mar 2023 00:00:00 +0530 Fri, 31 Mar 2023 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436006 The Maritime Board, as the assessee, was deemed entitled to exemptions under Sections 11 and 12 by the ITAT, despite the AO's denial based on the nature of its activities. The ITAT also ruled that only income from non-compliant investments should be taxed under Section 11(5). Additionally, the ITAT held that the TDS amount should not be added to the income and dismissed the appeal for non-grant of TDS credit. The Department's appeal was partially allowed concerning the allowance of depreciation due to an amendment in the Act. The ITAT's decision was pronounced on 29-03-2023. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436006