Profit derived from Services Rendered as Public Utility Service is Very Meager: ITAT directs AO to allows Exemption u/s 11 of Income Tax Act [Read Order]
The assessee was entitled to exempt under Section 11 of the Income Tax Act during the year on the ground that the profit derived from the services rendered as public utility service is very meager or there is deficit
The Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to allow exemption under Section 11 of the Income Tax Act, 1961 acknowledging that profit derived from services rendered as a public utility service was very meager. The common issue raised by the assessee, The Institute of Indian Foundry…
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