Section 11 Exemption can’t Be denied for Meager Profit from Public Utility Services

Institute of Indian Foundrymen Vs ITO (ITAT Kolkata) The case of Institute of Indian Foundrymen Vs Income Tax Officer (ITAT Kolkata) revolves around the denial of exemption under Section 11 of the Income Tax Act (ITA) by the Assessing Officer (AO), which was upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. The primary contention of the assessee (Institute of Indian Foundrymen) was that its activities were for the advancement of general public utility and therefore qualified for exemption under Section 11 of the Act. The Institute of Indian Foundrymen is registered under Section 12A...