https://www.taxtmi.com/caselaws?id=312227 ITAT Mumbai held that an assessee registered for charitable purposes of promoting gems and jewellery exports was entitled to exemption under sections 11 and 12. The tribunal found that conducting exhibitions and trade fairs did not constitute trade, commerce or business since fees charged were below cost with no markup. Following Supreme Court precedent in Ahmedabad Urban Development Authority, activities charging fees at or below cost without substantial markup do not fall within commercial activity provisions. The assessee's exhibition activities for promoting exports qualified for charitable exemption, and deficit carryforward was also allowed. en-us Tue, 31 Jan 2023 00:00:00 +0530 Fri, 19 Jul 2024 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312227 ITAT Mumbai held that an assessee registered for charitable purposes of promoting gems and jewellery exports was entitled to exemption under sections 11 and 12. The tribunal found that conducting exhibitions and trade fairs did not constitute trade, commerce or business since fees charged were below cost with no markup. Following Supreme Court precedent in Ahmedabad Urban Development Authority, activities charging fees at or below cost without substantial markup do not fall within commercial activity provisions. The assessee's exhibition activities for promoting exports qualified for charitable exemption, and deficit carryforward was also allowed. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312227