2002 (7) TMI 798 - HC - Income Tax

Summary

The High Court of Rajasthan upheld the Tribunal's decision that a trust lost its charitable status by engaging in profit-earning activities, thus disqualifying it from tax exemptions under sections 11 and 12 of the Income-tax Act, 1961. The Court ruled in favor of the revenue and against the assessee, based on a previous case involving the same assessee.