https://www.taxtmi.com/caselaws?id=260931 The Tribunal overturned the Ld. CIT(Appeals) decision and directed the Assessing Officer to delete the assessment of diverted funds from the assessee's income under Section 10(23C)(iiiad) of the Income-tax Act, 1961. The Tribunal found that the advances made by the society were for constructing a building for educational purposes, aligning with its objectives and consistent practice, and did not breach any provisions of the Act. The Tribunal concluded that the AO had assessed the funds without legal authority, leading to the allowance of the appeal and the deletion of the assessed amount from the assessee's income. en-us Fri, 06 Feb 2015 00:00:00 +0530 Tue, 18 Aug 2015 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260931 The Tribunal overturned the Ld. CIT(Appeals) decision and directed the Assessing Officer to delete the assessment of diverted funds from the assessee's income under Section 10(23C)(iiiad) of the Income-tax Act, 1961. The Tribunal found that the advances made by the society were for constructing a building for educational purposes, aligning with its objectives and consistent practice, and did not breach any provisions of the Act. The Tribunal concluded that the AO had assessed the funds without legal authority, leading to the allowance of the appeal and the deletion of the assessed amount from the assessee's income. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260931