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of The ITAT reversed the AO's disallowance of software development and maintenance expenses, holding that the payments to TFMSS, supported by market quotations and genuine agreements, were legitimate business expenditures. It relied on precedent from an associate trust's case where identical disallowance was deleted. Regarding personal gifts recorded in the Gift Management System, the Tribunal held that the gifts received by Ms. Sharon Angel Dhinakaran, being below the threshold under section 56(2)(x)(a) and specifically attributed to her, could not be taxed in the Trust's hands. Consequently, the AO's addition of personal gifts to the Trust's income was deleted. The Tribunal allowed all grounds raised by the assessee, confirming the deductibility of software charges and excluding personal gifts from the Trust's taxable income.
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