https://www.taxtmi.com/caselaws?id=451163 ITAT Kolkata allowed the appeal and granted exemption u/s 11 to the assessee society. AO had rejected exemption claiming the society's general public utility activities with gross receipts exceeding Rs. 10 lakhs were not charitable. The tribunal held that despite receipts exceeding the threshold, the profit margin was meager, falling within the proviso to Section 2(15). Following the Indian Chamber of Commerce precedent, the tribunal directed AO to allow the exemption, finding the surplus from public utility services was minimal and qualified for charitable status. en-us Mon, 18 Mar 2024 00:00:00 +0530 Thu, 21 Mar 2024 09:23:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451163 ITAT Kolkata allowed the appeal and granted exemption u/s 11 to the assessee society. AO had rejected exemption claiming the society's general public utility activities with gross receipts exceeding Rs. 10 lakhs were not charitable. The tribunal held that despite receipts exceeding the threshold, the profit margin was meager, falling within the proviso to Section 2(15). Following the Indian Chamber of Commerce precedent, the tribunal directed AO to allow the exemption, finding the surplus from public utility services was minimal and qualified for charitable status. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451163