Exemption u/s 11 - Denial of exemption as assessee is into ...
Income Tax
October 18, 2021
Exemption u/s 11 - Denial of exemption as assessee is into providing buses on hire for excursion, wedding, pilgrimage etc., to general public and charges for such letting are collected on commercial basis - Prior to the introduction of the proviso to Section 2(15) of the Act, there was no dispute that the Assessee was established for charitable purposes. The stream of traffic revenue and non traffic revenue by itself would demonstrate that the Assessee does not exist for profit. - The proviso to Sec.2(15) of the Act is therefore not applicable to the case of the Assessee. - AT
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