2023 (6) TMI 1180 - SCH - Income Tax

Exemption u/s 11 - Charitable activity or not - Profit motive - Exemption was disallowed on the ground that registration u/s 12AA granted to the assessee stood cancelled - what's the charitable nature of activities carried out by assessee in terms of Section 2(15)? - ITAT and HC restored the registration and allowed the benefit of exemption - as decided by HC 2022 (8) TMI 1400 - ALLAHABAD HIGH COURT , mere selling some product at a profit will not ipso facto hit assessee by applying proviso to Section 2(15) and deny exemption available u/s 11 and proviso to Section 2(15) is not applicable to the facts and circumstances of the case, and the assessee was entitled to exemption provided under Section 11 HELD THAT - No ground to interfere with the impugned judgment. The special leave petitions, accordingly, stand dismissed.

Summary

Title: Supreme Court of India dismisses special leave petitions

Judges: Hon'ble Mr. Justice Krishna Murari and Hon'ble Mr. Justice Sanjay Karol

Petitioner's Counsel: Mr. Balbir Singh, A.S.G., Mr. Raj Bahadur Yadav, AOR, Mr. Prashant Singh II, Adv., Ms. Monica Benjamin, Adv., Mr. Pratyush Srivastav, Adv., Mr. Tejas Patel, Adv., Mr. Prahlad Singh, Adv., and Mr. Rajesh Kumar Singh, Adv.

Key Points:
- Delay condoned.
- No grounds to interfere with the impugned judgment.
- Special leave petitions dismissed.
- Pending application(s) disposed of.