https://www.taxtmi.com/caselaws?id=307960 The ITAT ruled in favor of the Assessee regarding the disallowance of exemption under section 11 and interest income, citing the principle of mutuality from previous judgments. The ITAT directed the AO to grant exemption on interest income from bank F.D.Rs. Additionally, the issue of disallowance of expenses amounting to Rs. 28,70,532 was remitted back to the AO for fresh consideration, providing the Assessee with an opportunity to present their case. en-us Thu, 13 Oct 2016 00:00:00 +0530 Thu, 18 May 2023 22:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307960 The ITAT ruled in favor of the Assessee regarding the disallowance of exemption under section 11 and interest income, citing the principle of mutuality from previous judgments. The ITAT directed the AO to grant exemption on interest income from bank F.D.Rs. Additionally, the issue of disallowance of expenses amounting to Rs. 28,70,532 was remitted back to the AO for fresh consideration, providing the Assessee with an opportunity to present their case. Case-Laws Income Tax Thu, 13 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307960