https://www.taxtmi.com/caselaws?id=23662 The court upheld the Tribunal's view that expenditure and investments by a charitable institution were made from taxable income to avail of exemption under section 11 of the Income-tax Act, 1961. The court rejected the pro rata basis allocation suggested by the Income-tax Officer, affirming that the funds were sourced from taxable income, not income from subscriptions. The judgment favored the assessee, emphasizing the prudent assessee standard and the purpose of the trust. The court found previous case laws irrelevant and ruled in favor of the assessee, with no costs awarded. en-us Wed, 04 Oct 1989 00:00:00 +0530 Wed, 23 Dec 2009 11:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23662 The court upheld the Tribunal's view that expenditure and investments by a charitable institution were made from taxable income to avail of exemption under section 11 of the Income-tax Act, 1961. The court rejected the pro rata basis allocation suggested by the Income-tax Officer, affirming that the funds were sourced from taxable income, not income from subscriptions. The judgment favored the assessee, emphasizing the prudent assessee standard and the purpose of the trust. The court found previous case laws irrelevant and ruled in favor of the assessee, with no costs awarded. Case-Laws Income Tax Wed, 04 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23662