2011 (7) TMI 1206

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....ounsel with D. Damodar i/by Kanga & Co. P.C. Two questions of law raised by the revenue in this appeal read thus : 1) Whether in the facts and circumstances of the case and in law, the Tribunal is right in allowing the exemption U/s 11 of the Act? 2) Whether in the facts and circumstances of the case and in law, the income derived from conducting the exhibitions is taxable as business ....

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....he objectives and b) the separate books of accounts should be maintained. The Tribunal has already held that the activities of the assessee for exhibition are incidental to the objectives. In para - 5 of assessment order it is so mentioned that separate books of accounts for exhibition are maintained by the assessee. I, therefore, find that all the conditions U/s. 11 (4A) are satisfied. The assess....