https://www.taxtmi.com/caselaws?id=384617 The court ruled in favor of the assessee, allowing the appeal and answering all substantial questions of law in their favor. It held that the CIT's invocation of Section 263 was unjustified as it amounted to a substitution of judgment. The court determined that payments to charities were a diversion of income by overriding title, as specified in the will. Additionally, the disallowance of expenses related to the property sale was deemed incorrect. The Tribunal's order upholding the CIT's decision was found to be erroneous and was set aside. en-us Mon, 05 Aug 2019 00:00:00 +0530 Tue, 21 Jul 2020 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384617 The court ruled in favor of the assessee, allowing the appeal and answering all substantial questions of law in their favor. It held that the CIT's invocation of Section 263 was unjustified as it amounted to a substitution of judgment. The court determined that payments to charities were a diversion of income by overriding title, as specified in the will. Additionally, the disallowance of expenses related to the property sale was deemed incorrect. The Tribunal's order upholding the CIT's decision was found to be erroneous and was set aside. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384617