Entitlement to exemption u/s 11 - If interest, rent and other ...

Assessee qualifies for tax exemption u/s 11; no profit motive found, Section 2(15) proviso inapplicable.

October 8, 2015

Case Laws Income Tax AT

Entitlement to exemption u/s 11 - If interest, rent and other income are excluded and compared with the expenditure on operations incurred by the Assessee, it becomes clear that the Assessee does not have profit motive. The proviso to Sec.2(15) of the Act is therefore not applicable - AT

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Entitlement to exemption u/s 11 - If interest, rent and other ...

Assessee qualifies for tax exemption u/s 11; no profit motive found, Section 2(15) proviso inapplicable.

October 8, 2015

Case Laws Income Tax AT

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