https://www.taxtmi.com/caselaws?id=397772 Where trust funds were transferred to the managing trustee for purchase of land registered in her name, the Tribunal found that the factual basis for denying exemption under section 11 on the footing of section 13(1)(c) had not been fully verified, especially in light of additional evidence suggesting acquisition for the trust's school activity and fiduciary holding. Because the unexplained difference between the transfer and the stated purchase price also needed enquiry, the exemption issue was remanded for de novo assessment. Depreciation and other expense claims, being consequential and fact-dependent, were likewise restored for fresh determination. en-us Mon, 24 Aug 2020 00:00:00 +0530 Fri, 28 Aug 2020 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397772 Where trust funds were transferred to the managing trustee for purchase of land registered in her name, the Tribunal found that the factual basis for denying exemption under section 11 on the footing of section 13(1)(c) had not been fully verified, especially in light of additional evidence suggesting acquisition for the trust's school activity and fiduciary holding. Because the unexplained difference between the transfer and the stated purchase price also needed enquiry, the exemption issue was remanded for de novo assessment. Depreciation and other expense claims, being consequential and fact-dependent, were likewise restored for fresh determination. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397772