https://www.taxtmi.com/caselaws?id=240315 The Court admitted the appeal for consideration regarding the retrospective application of certain provisions under Section 11 and Clause (d) of Section 11(3). It found that the utilization of reserve funds by the assessee was disallowed by the Tribunal based on a misinterpretation of Section 11(3)(d). The Court emphasized the genuine use of funds for charitable purposes and highlighted the lack of examination by authorities before adding to the income. Ultimately, the Court set aside the Tribunal's order, providing the assessee with a fresh opportunity for a fair hearing, resulting in a favorable outcome for the assessee. en-us Thu, 21 Nov 2013 00:00:00 +0530 Sat, 30 Nov 2013 05:48:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240315 The Court admitted the appeal for consideration regarding the retrospective application of certain provisions under Section 11 and Clause (d) of Section 11(3). It found that the utilization of reserve funds by the assessee was disallowed by the Tribunal based on a misinterpretation of Section 11(3)(d). The Court emphasized the genuine use of funds for charitable purposes and highlighted the lack of examination by authorities before adding to the income. Ultimately, the Court set aside the Tribunal's order, providing the assessee with a fresh opportunity for a fair hearing, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Thu, 21 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240315