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2019 (2) TMI 543 - AT - Income TaxExemption u/s.11(1) - retrospectivity of Amended Sec.2(15) to the term "charitable purposes" inserted to the Act by Finance Act, 2012 - Held that:- We find that the object of the assessee is similar to that of the corporation before the Jurisdictional High Court in AHMEDABAD URBAN DEVELOPMENT AUTHORITY VERSUS ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION) [2017 (5) TMI 1468 - GUJARAT HIGH COURT] and on the similar set of facts the appeal was allowed in favour of the assessee hence relying upon the same we allow the claim of the assessee and the disallowance of exemption as claimed by the assessee u/s 11 of the Act to the tune is hereby quashed and addition made thereon is thus deleted. - Decided in favour of assessee.
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