https://www.taxtmi.com/caselaws?id=755863 The ITAT Mumbai ruled in favor of a charitable entity, granting exemption under sections 11 and 12. The AO denied exemption claiming the assessee's exhibition activities were commercial in nature. The ITAT held that since there was no markup on consideration charged to exporters, the activities fell outside the scope of trade, commerce, or business under section 2(15). The tribunal rejected the alternative disallowance under section 11(2), finding that surplus accumulation was properly specified in the trust deed despite inadequate form 10 details. All prior period expenditures were allowed as legitimately incurred for trust objectives. en-us Thu, 25 Apr 2024 00:00:00 +0530 Sat, 20 Jul 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755863 The ITAT Mumbai ruled in favor of a charitable entity, granting exemption under sections 11 and 12. The AO denied exemption claiming the assessee's exhibition activities were commercial in nature. The ITAT held that since there was no markup on consideration charged to exporters, the activities fell outside the scope of trade, commerce, or business under section 2(15). The tribunal rejected the alternative disallowance under section 11(2), finding that surplus accumulation was properly specified in the trust deed despite inadequate form 10 details. All prior period expenditures were allowed as legitimately incurred for trust objectives. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755863