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2020 (3) TMI 871 - AT - Income TaxExemption u/s.11 - assessee is involved in the commercial activity and held that assessee’s case falls under the last limb last of the Section 2(15) - CIT (A) held that the activities carried out by the assessee are not in the nature of trade, business or commerce or rendering services in relation to the same - HELD THAT:- We hold that exemption u/s.11 could not be denied to the assessee as it is not involved in any commercial activity so as to fall within the purview of 1st proviso to Section 2(15). Accordingly, disallowances made by the Assessing Officer are deleted.
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