https://www.taxtmi.com/caselaws?id=263874 The Appellate Tribunal ITAT Bangalore ruled in favor of the educational society, holding that the term "such income" in section 11(1)(a) of the Income Tax Act refers to gross income. The Tribunal determined that since the society's expenditure exceeded 93% of gross receipts, no taxation applied for the assessment year as the remaining amount was earmarked for charitable purposes. The decision aligned with legal principles and judicial precedents, emphasizing that all outgoings by a charitable trust should be considered as an application of income for its objectives. en-us Tue, 25 Aug 2015 00:00:00 +0530 Fri, 11 Sep 2015 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263874 The Appellate Tribunal ITAT Bangalore ruled in favor of the educational society, holding that the term "such income" in section 11(1)(a) of the Income Tax Act refers to gross income. The Tribunal determined that since the society's expenditure exceeded 93% of gross receipts, no taxation applied for the assessment year as the remaining amount was earmarked for charitable purposes. The decision aligned with legal principles and judicial precedents, emphasizing that all outgoings by a charitable trust should be considered as an application of income for its objectives. Case-Laws Income Tax Tue, 25 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263874