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2017 (1) TMI 180 - HC - Income TaxInterest income not exempt u/s 11 and 12 and was taxable under the head Income from other sources - Held that:- There is nothing brought on the record by either of the authorities below that the said funds, the fees or the interest income have been used for other purpose other than the objects of the assessee society. The assessee enjoys the exemption u/s 11 of the Act having registration u/s 12A(a) of the Act as mentioned in our various orders hereinbefore and also the exemption u/s 10(23C)(iv) of the Act and there is nothing on record that the assessee has diverted the income to the specified persons u/s 13 of the Act and therefore no addition can be made on these accounts and the order of the ld. CIT(A) confirming the action of the AO is reversed. - Decided in favour of assessee
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