https://www.taxtmi.com/caselaws?id=386956 The Appellate Tribunal ITAT Bangalore ruled on the appeals regarding the claim of loan repayment as application of income and the assessment of sale consideration from asset sales by a public charitable trust. The Tribunal held that allowing loan repayment as application of income would lead to double exemption, contrary to statutory intent, and upheld the Assessing Officer's addition for all years. Regarding the assessment of sale consideration, the Tribunal aligned with the Ld CIT(A)'s decision to compute capital gains as per relevant provisions, partly or fully allowing the Revenue's appeals for the assessment years in question. en-us Tue, 01 Oct 2019 00:00:00 +0530 Fri, 11 Oct 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386956 The Appellate Tribunal ITAT Bangalore ruled on the appeals regarding the claim of loan repayment as application of income and the assessment of sale consideration from asset sales by a public charitable trust. The Tribunal held that allowing loan repayment as application of income would lead to double exemption, contrary to statutory intent, and upheld the Assessing Officer's addition for all years. Regarding the assessment of sale consideration, the Tribunal aligned with the Ld CIT(A)'s decision to compute capital gains as per relevant provisions, partly or fully allowing the Revenue's appeals for the assessment years in question. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386956