Income Tax Exemption Denied: Business Location Determines Eligibility Under Section 10(26) Criteria

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HC dismissed revision petition u/s 264, rejecting petitioner's claim for income tax exemption u/s 10(26). The court found that the petitioner's business was conducted from Mumbai, not Ladakh, and failed to satisfy the statutory conditions for exemption. The jurisdictional Assessing Authority and Principal Commissioner concurrently determined the factual aspects, finding no merit in the petitioner's arguments about religious tours and income source. The HC declined to interfere with the concurrent findings of the lower authorities, upholding the assessment order and denying the claimed income tax exemption.....