https://www.taxtmi.com/caselaws?id=16001 The court upheld the Tribunal's decision that the income was validly applied for charitable purposes, as evidenced by actual withdrawals made by the charitable institution. The Revenue's argument that mere crediting in the books did not constitute income application was dismissed, as the educational institution had withdrawn the credited amounts. The court found no infirmity in the Tribunal's decision and ruled in favor of the assessee, concluding that there was a valid application of income. As a result, the court did not address other questions raised by both parties and awarded no costs. en-us Tue, 18 Nov 1997 00:00:00 +0530 Mon, 31 Aug 2009 13:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16001 The court upheld the Tribunal's decision that the income was validly applied for charitable purposes, as evidenced by actual withdrawals made by the charitable institution. The Revenue's argument that mere crediting in the books did not constitute income application was dismissed, as the educational institution had withdrawn the credited amounts. The court found no infirmity in the Tribunal's decision and ruled in favor of the assessee, concluding that there was a valid application of income. As a result, the court did not address other questions raised by both parties and awarded no costs. Case-Laws Income Tax Tue, 18 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16001