https://www.taxtmi.com/caselaws?id=255914 The Tribunal overturned the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT(A)), ruling in favor of the Assessee, a trust. The Tribunal held that the excess application of the earlier year set off in the current year should not be taxed as the trust had applied more than 85% of its income for charitable purposes. Additionally, the disallowance of Rs. 14 crores paid for the purchase of land was deemed genuine and considered as an application of income towards capital expenditure, exceeding the required 85% application threshold. The Tribunal concluded that the trust had complied with the provisions of Section 11(1)(a) of the Income Tax Act. en-us Fri, 10 Oct 2014 00:00:00 +0530 Fri, 02 Jan 2015 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255914 The Tribunal overturned the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT(A)), ruling in favor of the Assessee, a trust. The Tribunal held that the excess application of the earlier year set off in the current year should not be taxed as the trust had applied more than 85% of its income for charitable purposes. Additionally, the disallowance of Rs. 14 crores paid for the purchase of land was deemed genuine and considered as an application of income towards capital expenditure, exceeding the required 85% application threshold. The Tribunal concluded that the trust had complied with the provisions of Section 11(1)(a) of the Income Tax Act. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255914