Exemption u/s 11 - Section 11(4A) must be interpreted ...

Section 11(4A) of Income Tax Act must align with Section 2(15); separate accounts prove compliance for tax exemption.

January 11, 2023

Case Laws Income Tax HC

Exemption u/s 11 - Section 11(4A) must be interpreted harmoniously with Section 2(15), with which there is no conflict. Carrying out activity in the nature of trade, commerce or business, or service in relation to such activities, should be conducted in the course of achieving the GPU object, and the income, profit or surplus or gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2(15), has not been breached. - HC

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Exemption u/s 11 - Section 11(4A) must be interpreted ...

Section 11(4A) of Income Tax Act must align with Section 2(15); separate accounts prove compliance for tax exemption.

January 11, 2023

Case Laws Income Tax HC

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