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2021 (1) TMI 415 - GUJARAT HIGH COURT - Income Tax
Head Note / Extract:
Exemption u/s 11 - Appeal admitted on the following substantial questions of law - whether the assessee is covered under the proviso to Section 2(15) of the Act i.e. the advancement of any other object of general public utility ? - Tribunal justification in holding that predominant object of the assessee Trust are to provide practical and theoretical training in the field of 'yoga, which would ultimately provide medical relief to the society' at large - whether Appellate Tribunal was justified in allowing the exemption under section 11 and 12 of the Act for remaining income which is not forfeited for exemption without appreciating that once the provisions of section 13(3) are applicable the assessee would not eligible for the benefit of exemption under section 11 and 12 of the Act? - ITAT allowing donation, corpus donation AND Loss on sale of asset as application of income