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2018 (2) TMI 1875 - AT - Income TaxExemption u/s 11 & 12 - Corpus Contribution from Government of India and SIDBI not offered for tax - applicability of the proviso to section 2(15) - HELD THAT:- As decided in assessee's own case [2017 (1) TMI 1145 - ITAT MUMBAI] it is not possible to infer that assessee Trust is carrying on any regular ‘trade, commerce or business’ and on the contrary it is an entity which is essentially existing for charitable purposes but conducting some activities for consideration or fee. In this background, the proviso to section 2(15) of the Act cannot be invoked to exclude assessee Trust from the purview of section 2(15) of the Act since the said proviso only seeks to exclude institutions which are carrying on regular business - Decided in favour of assessee.
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