ITAT allows Exemption on pharmacy income of Charitable hospital

DCIT Vs Karuna Medical Society (ITAT Mumbai) Issue- Whether the ld. CIT(A) was justified in treating the running of a pharmacy as an activity incidental to the attainment of the objectives of the assessee society which is running a hospital in terms of Section 11(4A) of the Act in the facts and circumstances of the instant case. AO had sought to treat the conduct of the assessee in running a pharmacy on commercial basis. The ld. AO on perusal of the financials of the pharmacy and the assessee society on overall basis observed that the surplus earned in pharmacy contributed substantially to the...