https://www.taxtmi.com/caselaws?id=439638 The Supreme Court affirmed that the assessee trust engaged in urban development qualifies for exemption under Sections 11 and 12 of the Income Tax Act. The Tribunal upheld the charitable nature of the trust's activities, allowing exemptions and claims for depreciation, accumulation, and carry forward of deficits. The Tribunal also directed the Assessing Officer to compute income as per guidelines, including proper treatment of grants and application of income. The Tribunal's decision aligned with previous judgments favoring the assessee's eligibility for exemptions and proper treatment of income-related matters. en-us Fri, 16 Jun 2023 00:00:00 +0530 Thu, 29 Jun 2023 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439638 The Supreme Court affirmed that the assessee trust engaged in urban development qualifies for exemption under Sections 11 and 12 of the Income Tax Act. The Tribunal upheld the charitable nature of the trust's activities, allowing exemptions and claims for depreciation, accumulation, and carry forward of deficits. The Tribunal also directed the Assessing Officer to compute income as per guidelines, including proper treatment of grants and application of income. The Tribunal's decision aligned with previous judgments favoring the assessee's eligibility for exemptions and proper treatment of income-related matters. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439638