https://www.taxtmi.com/caselaws?id=280875 The Tribunal upheld the assessee's eligibility for exemption under Section 11(1) of the Income Tax Act, as the income was applied for charitable purposes. It also found that the capital gains were utilized for acquiring new capital assets over several financial years, complying with Section 11(1A). The reassessment notice under Section 148 was deemed unnecessary, and the revision order under Section 263 was considered not erroneous or prejudicial to revenue. The Tribunal dismissed the Revenue's appeal, affirming the exemption granted to the assessee by the First Appellate Authority. en-us Fri, 11 Mar 2016 00:00:00 +0530 Fri, 24 May 2019 12:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280875 The Tribunal upheld the assessee's eligibility for exemption under Section 11(1) of the Income Tax Act, as the income was applied for charitable purposes. It also found that the capital gains were utilized for acquiring new capital assets over several financial years, complying with Section 11(1A). The reassessment notice under Section 148 was deemed unnecessary, and the revision order under Section 263 was considered not erroneous or prejudicial to revenue. The Tribunal dismissed the Revenue's appeal, affirming the exemption granted to the assessee by the First Appellate Authority. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280875