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The Tribunal held that the assessee's activities were in furtherance of its charitable objects and that the advances made were not in violation of Section 11(5) or Section 13(1)(c) as they were secured and carried adequate interest. The accumulation of income was also found to be in compliance with Section 11(2).
The Tribunal held that profits attributed to job work should not be excluded from the turnover for calculating the deduction under Section 10-B. The High Court agreed that job work, as permitted by the Foreign Trade Policy and supported by judicial precedents, does not disentitle the assessee to the benefit.
The Tribunal held that profits attributed to job work should not be excluded from the turnover for calculating the deduction under Section 10-B. The High Court agreed that job work, as permitted by the Foreign Trade Policy and supported by judicial precedents, does not disentitle the assessee to the benefit.
The Tribunal held that profits attributed to job work should not be excluded from the turnover for calculating the deduction under Section 10-B. The High Court agreed that job work, as permitted by the Foreign Trade Policy and supported by judicial precedents, does not disentitle the assessee to the benefit.
The Tribunal held that profits attributed to job work should not be excluded from the turnover for calculating the deduction under Section 10-B. The High Court agreed that job work, as permitted by the Foreign Trade Policy and supported by judicial precedents, does not disentitle the assessee to the benefit.
The High Court permitted the Income Tax Department to withdraw the appeal. This was based on a CBDT circular regarding appeals with a tax effect below Rs. 1,00,00,000/-.
The High Court permitted the Income Tax Department to withdraw the appeal. Liberty was granted to file for restoration if the appeal fell under exceptions mentioned in the circular.
The Tribunal permitted the withdrawal of the appeal as per the CBDT circular. Liberty was granted to the appellant to seek restoration if the subject matter fell under exceptions in the circular.
The High Court permitted the Income Tax Department to withdraw the appeal. Liberty was granted to file an application for restoration if the appeal falls within exceptions to the circular.
The High Court permitted the Income Tax Department to withdraw the appeal as per the CBDT circular. Liberty was granted to restore the appeal if it later falls under exceptions mentioned in the circular.