Exemption u/s 11 Allowed: Assessee's Activities Not Considered Trade or Business u/s 2(15) of Income Tax Act.

Exemption u/s 11 Allowed: Assessee's Activities Not Considered Trade or Business u/s 2(15) of Income Tax Act. https://www.taxtmi.com/highlights?id=69172 Exemption u/s 11 - applicability of Section 2(15) - addition on account of premium on land and shades - it could not be said that the activities carried out by the Assessee were either in nature of trade, commerce or business, for Cess or Fee or any other consideration so as to attract the proviso to Section 2(15) and the same could be said to be for charitable purpose and consequently, the exemption under Section 11 was permitted. - HC en-us Tue, 11 Apr 2023 10:46:51 +0530 Tue, 11 Apr 2023 10:46:51 +0530 TaxTMI RSS Generator Exemption u/s 11 Allowed: Assessee's Activities Not Considered Trade or Business u/s 2(15) of Income Tax Act. https://www.taxtmi.com/highlights?id=69172 Exemption u/s 11 - applicability of Section 2(15) - addition on account of premium on land and shades - it could not be said that the activities carried out by the Assessee were either in nature of trade, commerce or business, for Cess or Fee or any other consideration so as to attract the proviso to Section 2(15) and the same could be said to be for charitable purpose and consequently, the exemption under Section 11 was permitted. - HC Highlights Income Tax Tue, 11 Apr 2023 10:46:51 +0530 https://www.taxtmi.com/highlights?id=69172