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ITAT adjudicated a tax exemption dispute involving an educational trust's income. The tribunal set aside prior assessment orders due to unaudited financial statements. The case was remanded to the Assessing Officer (AO) for de novo assessment, mandating a comprehensive review of the trust's financial documentation. The AO must provide the assessee an opportunity to present evidence regarding expenditure incurred for income generation. The tribunal directed that only the excess income over expenditure should be subjected to taxation, consistent with previous assessment years. The appeal was allowed for statistical purposes, effectively requiring a procedurally corrected reassessment of the trust's tax liability under section 10(23C)(iiiad).
ITAT adjudicated a tax exemption dispute involving an educational trust's income. The tribunal set aside prior assessment orders due to unaudited financial statements. The case was remanded to the Assessing Officer (AO) for de novo assessment, mandating a comprehensive review of the trust's financial documentation. The AO must provide the assessee an opportunity to present evidence regarding expenditure incurred for income generation. The tribunal directed that only the excess income over expenditure should be subjected to taxation, consistent with previous assessment years. The appeal was allowed for statistical purposes, effectively requiring a procedurally corrected reassessment of the trust's tax liability under section 10(23C)(iiiad).
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