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2002 (12) TMI 8 - SC - Income Tax
Assessee is incorporated as a company limited by guarantee under the Companies Act, 1956 - assessee's claim for the benefit of section 11 was denied by AO on two grounds - firstly, assessee was a diamond bourse and as such its objects were not "charitable purpose" - secondly, the assessee had breached the conditions under section 13 and as such was liable to be denied the benefit of section 11 - Contention of AO is justified - revenue's appeal allowed