https://www.taxtmi.com/caselaws?id=395647 The Tribunal partially allowed the appeal, providing substantial relief to the assessee. It corrected the treatment of corpus donations, ensuring that only Rs. 60,000 were treated as normal donations, and directed the AO to allow the full claimed accumulation of Rs. 4,60,983 under section 11(1)(a). The Tribunal also recognized the excess application of income from earlier years and tax deducted at source as application of income, directing the AO to adjust these amounts, bringing the total application to Rs. 31,59,664. Additionally, it allowed establishment expenses of Rs. 11,27,264 as application of income, overturning the AO's and CIT(A)'s earlier decisions. en-us Fri, 22 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395647 The Tribunal partially allowed the appeal, providing substantial relief to the assessee. It corrected the treatment of corpus donations, ensuring that only Rs. 60,000 were treated as normal donations, and directed the AO to allow the full claimed accumulation of Rs. 4,60,983 under section 11(1)(a). The Tribunal also recognized the excess application of income from earlier years and tax deducted at source as application of income, directing the AO to adjust these amounts, bringing the total application to Rs. 31,59,664. Additionally, it allowed establishment expenses of Rs. 11,27,264 as application of income, overturning the AO's and CIT(A)'s earlier decisions. Case-Laws Income Tax Fri, 22 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395647