Exemption u/s. 11 and 12 allowed as application of funds was deployed not to earn income

CIT (Exemptions) Vs Indian Broadcasting Foundation (Delhi High Court) Delhi High Court held that application of funds by Indian Broadcasting Foundation in BARC doesn’t qualify as deployment was not intended to yield income/profit hence denial of exemption u/s. 11 and 12 of the Income Tax Act not justified. Facts- The Indian Broadcasting Foundation was incorporated on 27.09.1999 as a not-for-profit company u/s. 25 of the Companies Act, 1956. The Assessee was also registered under Section 12A of the Act vide order dated 10.01.2001. The Assessee is an association of broadcasters formed to prote...