https://www.taxtmi.com/caselaws?id=375006 The Tribunal ruled in favor of the assessee-trust, finding no violation of Section 13(1)(c) and 13(1)(d) of the Income-tax Act, 1961, regarding advances made for charitable activities. The Tribunal also deemed the advance for land purchase and interest-free advances to employees as valid applications of income aligned with the trust's objectives. While acknowledging a violation in investment, the Tribunal restricted the disallowance to the investment amount. Additionally, the Tribunal upheld the eligibility for depreciation despite the cost of assets being treated as application of income. The Revenue's appeals were dismissed, affirming compliance with the Act and charitable objectives. en-us Thu, 07 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375006 The Tribunal ruled in favor of the assessee-trust, finding no violation of Section 13(1)(c) and 13(1)(d) of the Income-tax Act, 1961, regarding advances made for charitable activities. The Tribunal also deemed the advance for land purchase and interest-free advances to employees as valid applications of income aligned with the trust's objectives. While acknowledging a violation in investment, the Tribunal restricted the disallowance to the investment amount. Additionally, the Tribunal upheld the eligibility for depreciation despite the cost of assets being treated as application of income. The Revenue's appeals were dismissed, affirming compliance with the Act and charitable objectives. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375006