https://www.taxtmi.com/caselaws?id=770076 ITAT Delhi allowed the assessee's appeal and restored exemption under sections 11 & 12. The tribunal held that paying higher interest rates to specified persons under section 13(3) due to circumstances beyond control did not constitute violation of sections 13(1)(c) and 13(2). Following precedents from Delhi HC and Karnataka HC, the tribunal ruled that revenue authorities cannot dictate operational methodology of educational bodies, and only income applied in violation should be taxed, not entire income. The orders of AO and CIT(A) denying exemption were set aside. en-us Wed, 30 Apr 2025 00:00:00 +0530 Tue, 06 May 2025 09:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770076 ITAT Delhi allowed the assessee's appeal and restored exemption under sections 11 & 12. The tribunal held that paying higher interest rates to specified persons under section 13(3) due to circumstances beyond control did not constitute violation of sections 13(1)(c) and 13(2). Following precedents from Delhi HC and Karnataka HC, the tribunal ruled that revenue authorities cannot dictate operational methodology of educational bodies, and only income applied in violation should be taxed, not entire income. The orders of AO and CIT(A) denying exemption were set aside. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770076