https://www.taxtmi.com/caselaws?id=395868 The appellant, a registered Society, sold land and donated the income to another trust. The Assessing Officer added the income to the appellant's long term capital gain. However, the Tribunal found that the donation qualified as an application of income exempt under Section 11 of the Act as outlined in the Trust Deed. The Tribunal held that the Assessing Officer and CIT(A) incorrectly applied Section 11(1A) as no new capital assets were acquired. Consequently, the appeal was allowed, granting the appellant the benefit of exemption under Section 11(1)(a). en-us Tue, 09 Jun 2020 00:00:00 +0530 Thu, 11 Jun 2020 10:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395868 The appellant, a registered Society, sold land and donated the income to another trust. The Assessing Officer added the income to the appellant's long term capital gain. However, the Tribunal found that the donation qualified as an application of income exempt under Section 11 of the Act as outlined in the Trust Deed. The Tribunal held that the Assessing Officer and CIT(A) incorrectly applied Section 11(1A) as no new capital assets were acquired. Consequently, the appeal was allowed, granting the appellant the benefit of exemption under Section 11(1)(a). Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395868