Pharmacy income of trust cannot be treated as charitable income without considering conditions mentioned u/s 11(4A)

INCOME TAX : Where Tribunal held that pharmacy income of assessee trust was charitable income and not business income, however, had not recorded any reasons whether or not assessee had complied with conditions mentioned in section 11(4A), order passed by Tribunal was cryptic and suffered from vice of non-application of mind and therefore, finding of Tribunal could not be sustainedINCOME TAX : Where Tribunal held that pharmacy income of assessee trust was charitable income and not business income, however, had not recorded any reasons whether or not assessee had complied with conditions mentioned in section 11(4A), order passed by Tribunal was cryptic and suffered from vice of non-application of mind and therefore, finding of Tribunal could not be sustainedwww.taxmann.com Latest Case LawsRead More

Leave a Reply