https://www.taxtmi.com/caselaws?id=405618 The appeal was allowed in favor of the Trust, with the Tribunal determining that the net gain of Rs. 99,125 should be considered as part of the total income instead of the gross receipt of Rs. 2,06,00,000 assessed by the CPC. The rectification request denial was overturned, emphasizing that the original return's net gain should be recognized. The Tribunal found errors in the assessment of total income and demands, concluding that the demand raised and interest charged were incorrect. The Trust's accumulation claim and application of funds were deemed compliant with the Income Tax Act, resulting in the rejection of the raised demand and interest charges. en-us Tue, 23 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405618 The appeal was allowed in favor of the Trust, with the Tribunal determining that the net gain of Rs. 99,125 should be considered as part of the total income instead of the gross receipt of Rs. 2,06,00,000 assessed by the CPC. The rectification request denial was overturned, emphasizing that the original return's net gain should be recognized. The Tribunal found errors in the assessment of total income and demands, concluding that the demand raised and interest charged were incorrect. The Trust's accumulation claim and application of funds were deemed compliant with the Income Tax Act, resulting in the rejection of the raised demand and interest charges. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405618