https://www.taxtmi.com/caselaws?id=346860 The Tribunal allowed the Assessee's appeal, canceling the assessment and upholding exemption under Section 11 for the charitable institution. The Tribunal found the initiation of proceedings under Section 148 justified due to discrepancies in bank deposits versus declared income. It held that tangible material existed for the "reason to believe" that income had escaped assessment. The Assessee met the requirements for exemption under Section 11, utilizing donations for charitable purposes. The Tribunal ruled that unutilized corpus donations were not taxable income, and the excess of receipts over expenditure fell below the permissible limit under Section 11(1)(a). en-us Thu, 17 Aug 2017 00:00:00 +0530 Thu, 24 Aug 2017 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346860 The Tribunal allowed the Assessee's appeal, canceling the assessment and upholding exemption under Section 11 for the charitable institution. The Tribunal found the initiation of proceedings under Section 148 justified due to discrepancies in bank deposits versus declared income. It held that tangible material existed for the "reason to believe" that income had escaped assessment. The Assessee met the requirements for exemption under Section 11, utilizing donations for charitable purposes. The Tribunal ruled that unutilized corpus donations were not taxable income, and the excess of receipts over expenditure fell below the permissible limit under Section 11(1)(a). Case-Laws Income Tax Thu, 17 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346860