https://www.taxtmi.com/caselaws?id=404044 The Tribunal allowed the appeal for statistical purposes concerning the computation of permissible accumulation under section 11(1)(b) and treatment of capital expenditure for printing machinery. It held that the purchase of printing machinery using a bank loan does not constitute income application, clarifying that only loan repayment from income qualifies as such. The Tribunal differentiated between income application and loan utilization for asset acquisition, emphasizing the necessity of income utilization for loan repayment to qualify as income application under charitable trust provisions. en-us Thu, 04 Feb 2021 00:00:00 +0530 Fri, 12 Feb 2021 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404044 The Tribunal allowed the appeal for statistical purposes concerning the computation of permissible accumulation under section 11(1)(b) and treatment of capital expenditure for printing machinery. It held that the purchase of printing machinery using a bank loan does not constitute income application, clarifying that only loan repayment from income qualifies as such. The Tribunal differentiated between income application and loan utilization for asset acquisition, emphasizing the necessity of income utilization for loan repayment to qualify as income application under charitable trust provisions. Case-Laws Income Tax Thu, 04 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404044