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2018 (5) TMI 335 - AT - Income TaxDenying exemption u/s 11 & 12 - object of trust - Trust’s activities not charitable in nature - Held that:- As decided in assessee's own case [2013 (10) TMI 211 - ITAT DELHI] the authorities below have failed to appreciate that the business set up and held by the appellant under trust is to sub serve the predominant charitable objects of providing medical relief education and relief to poor. Furthermore, since separate books of accounts were maintained and the entire profits are for charitable objects, the conditions prescribed in section 11(4A) of the Act, too were fulfilled. The authorities below have also failed to appreciate that out of total sales.of ₹ 168.12 crores of Divya Pharmacy medicines of ₹ 4.2 crores only were sold from the hospital sales counter (sic) - Decided in favour of assessee.
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