https://www.taxtmi.com/caselaws?id=339702 The High Court remanded both issues to the Assessing Officer for fresh adjudication, ruling in favor of the assessee on the first issue regarding the repayment of loans as application of income for charitable purposes. The court found that the Assessing Officer lacked sufficient evidence to support the adverse finding against the assessee and directed a reevaluation based on any new evidence. On the second issue concerning the accumulated deficit from earlier years, the court set aside the impugned order and instructed the Assessing Officer to properly adjudicate the claim with the necessary evidence. en-us Thu, 02 Mar 2017 00:00:00 +0530 Sat, 01 Apr 2017 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339702 The High Court remanded both issues to the Assessing Officer for fresh adjudication, ruling in favor of the assessee on the first issue regarding the repayment of loans as application of income for charitable purposes. The court found that the Assessing Officer lacked sufficient evidence to support the adverse finding against the assessee and directed a reevaluation based on any new evidence. On the second issue concerning the accumulated deficit from earlier years, the court set aside the impugned order and instructed the Assessing Officer to properly adjudicate the claim with the necessary evidence. Case-Laws Income Tax Thu, 02 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339702