Bombay High Court Deliberates on Tax Exemption and Classification of Lease Transactions in Income Tax Reference concerning Scientific Research Centre. Assessee's claim for exemption under Section 11 of Income Tax Act, 1961 hinges on whether activities constitute general public utility, whether construction and letting out of World Trade Centre amounts to business, and whether receipts are revenue in nature.
25 Oct 2012The Income Tax Reference No. 78 of 1998 arose from the Income Tax Appellate Tribunal's common order dated 29th March, 1996, for assessment years 1989-...
