https://www.taxtmi.com/caselaws?id=272600 The Tribunal affirmed its decision to set aside the Commissioner's order under Section 263 of the Income-tax Act, 1961, stating that the orders passed by the ITO were not erroneous. It upheld the application of Section 11, determining that the donations made by the assessee-trust to another charitable trust qualified as income application for charitable purposes. The Tribunal also ruled that Section 13(2)(h) was not applicable to the assessee's transactions as they involved loans, not investments. Additionally, the Tribunal did not entertain the revenue's argument regarding the utilization of trust income for prohibited categories. The Tribunal's decisions favored the assessee, granting exemption under Section 11 and confirming the non-applicability of Section 13(2)(h). en-us Wed, 30 Mar 1988 00:00:00 +0530 Wed, 09 May 2018 12:28:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272600 The Tribunal affirmed its decision to set aside the Commissioner's order under Section 263 of the Income-tax Act, 1961, stating that the orders passed by the ITO were not erroneous. It upheld the application of Section 11, determining that the donations made by the assessee-trust to another charitable trust qualified as income application for charitable purposes. The Tribunal also ruled that Section 13(2)(h) was not applicable to the assessee's transactions as they involved loans, not investments. Additionally, the Tribunal did not entertain the revenue's argument regarding the utilization of trust income for prohibited categories. The Tribunal's decisions favored the assessee, granting exemption under Section 11 and confirming the non-applicability of Section 13(2)(h). Case-Laws Income Tax Wed, 30 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272600