https://www.taxtmi.com/caselaws?id=243719 The appeal by Revenue challenging the deletion of an amount treated as income of the trust and the computation of income made by the assessee was dismissed. The CIT(A) held that the waived amount was not income as it was not claimed as expenditure for charitable purposes. The assessee, a registered trust, should follow provisions of sections 11 and 12, not 'profits and gains of business or profession'. The A.O.'s incorrect computation was rectified by the CIT(A), and the Tribunal upheld this decision, rejecting the Revenue's arguments based on case laws related to business income computation. en-us Wed, 05 Feb 2014 00:00:00 +0530 Sat, 08 Feb 2014 10:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243719 The appeal by Revenue challenging the deletion of an amount treated as income of the trust and the computation of income made by the assessee was dismissed. The CIT(A) held that the waived amount was not income as it was not claimed as expenditure for charitable purposes. The assessee, a registered trust, should follow provisions of sections 11 and 12, not 'profits and gains of business or profession'. The A.O.'s incorrect computation was rectified by the CIT(A), and the Tribunal upheld this decision, rejecting the Revenue's arguments based on case laws related to business income computation. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243719