https://www.taxtmi.com/caselaws?id=122045 The Tribunal upheld the initiation of reassessment proceedings under Section 147, dismissing the assessee's appeals and denying exemptions due to misutilization of funds. The status of the assessee as a Trust was confirmed over an Association of Persons (AOP), with the case remanded for compliance with Rule 46A regarding additional evidence. The Tribunal emphasized the importance of proper utilization of funds for educational purposes to claim exemptions under Sections 11 and 12 of the Income-tax Act. en-us Fri, 06 Oct 2006 00:00:00 +0530 Wed, 08 Aug 2012 12:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122045 The Tribunal upheld the initiation of reassessment proceedings under Section 147, dismissing the assessee's appeals and denying exemptions due to misutilization of funds. The status of the assessee as a Trust was confirmed over an Association of Persons (AOP), with the case remanded for compliance with Rule 46A regarding additional evidence. The Tribunal emphasized the importance of proper utilization of funds for educational purposes to claim exemptions under Sections 11 and 12 of the Income-tax Act. Case-Laws Income Tax Fri, 06 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122045