https://www.taxtmi.com/caselaws?id=362227 The court held that the assessee Trust's application of funds for earthquake relief, including the subsequent transfer of the surplus amount to the Prime Minister's National Relief Fund, was compliant with the legislative intent of the Income Tax Act. The Tribunal's distinction between spent and unspent amounts was deemed erroneous, and the court reversed the Tribunal's decision, ruling that the surplus amount was not subject to adverse tax consequences under section 12(3). en-us Tue, 12 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 21:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362227 The court held that the assessee Trust's application of funds for earthquake relief, including the subsequent transfer of the surplus amount to the Prime Minister's National Relief Fund, was compliant with the legislative intent of the Income Tax Act. The Tribunal's distinction between spent and unspent amounts was deemed erroneous, and the court reversed the Tribunal's decision, ruling that the surplus amount was not subject to adverse tax consequences under section 12(3). Case-Laws Income Tax Tue, 12 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362227