https://www.taxtmi.com/caselaws?id=437351 The Tribunal upheld the order confirming that the assessee board, MSBTE, is immune from taxation under the Income Tax Act as it falls under the definition of "State" and is considered an instrumentality of the state. The exemption under Section 10(46) for specific financial years was granted, noting the board's activities aligned with public interest and not commercial in nature. The revenue generated was utilized for educational purposes, supporting the board's immunity from taxation. The appeal by the Revenue was dismissed, affirming the board's status as a state instrumentality. en-us Fri, 28 Apr 2023 00:00:00 +0530 Wed, 03 May 2023 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437351 The Tribunal upheld the order confirming that the assessee board, MSBTE, is immune from taxation under the Income Tax Act as it falls under the definition of "State" and is considered an instrumentality of the state. The exemption under Section 10(46) for specific financial years was granted, noting the board's activities aligned with public interest and not commercial in nature. The revenue generated was utilized for educational purposes, supporting the board's immunity from taxation. The appeal by the Revenue was dismissed, affirming the board's status as a state instrumentality. Case-Laws Income Tax Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437351