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2004 (11) TMI 81 - HC - Income TaxAssessee/trust claimed exemption under section 11 stating that since it has applied more than 75 per cent, of its income for charitable and educational purposes, the income is eligible for exemption under section 11 of the Act. The Assessing Officer, finding that the activities of the assessee in running the business of paper caps is hit by section 11 (4A), held that the trust is not entitled to exemption u/s 11 - Tribunal found that the income of the assessee had been employed to achieve its charitable objects and, therefore, even in the light of section 11(4A) of the Act and applying the decision in Asst. CIT v. Thanthi Trust the assessee is entitled to exemption under section 11 - Finding, therefore, no substantial question of law for our consideration, these revenue’s appeals are dismissed
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