https://www.taxtmi.com/caselaws?id=438363 The Tribunal partially allowed the appeal against the NFAC order for the assessment year 2017-18. The delay in filing the Audit Report was condoned due to a trustee's medical emergency, leading to the admission of the appeal for adjudication. However, the denial of exemption under section 11 of the IT Act, 1961 was upheld, citing unexplained delays in filing the Audit Report. The Tribunal directed the AO to tax only the net income after allowable deductions, treating the income as "business income." en-us Mon, 06 Mar 2023 00:00:00 +0530 Tue, 30 May 2023 09:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438363 The Tribunal partially allowed the appeal against the NFAC order for the assessment year 2017-18. The delay in filing the Audit Report was condoned due to a trustee's medical emergency, leading to the admission of the appeal for adjudication. However, the denial of exemption under section 11 of the IT Act, 1961 was upheld, citing unexplained delays in filing the Audit Report. The Tribunal directed the AO to tax only the net income after allowable deductions, treating the income as "business income." Case-Laws Income Tax Mon, 06 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438363