https://www.taxtmi.com/caselaws?id=26115 The High Court ruled that the donation of shares valued at Rs. 30,000 did not qualify as the application of income for charitable purposes under section 11(1)(a) of the Income-tax Act. The Court emphasized that income must be actually applied in the relevant year to be exempt, not from accumulated income of prior years. The Court also found that the assessee did not meet the requirement of applying at least 75% of its income for charitable purposes, as the shares donated were not considered part of the income applied in the relevant year. The decision favored the Revenue, with no costs awarded. en-us Mon, 18 Jul 1983 00:00:00 +0530 Tue, 02 Feb 2010 18:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26115 The High Court ruled that the donation of shares valued at Rs. 30,000 did not qualify as the application of income for charitable purposes under section 11(1)(a) of the Income-tax Act. The Court emphasized that income must be actually applied in the relevant year to be exempt, not from accumulated income of prior years. The Court also found that the assessee did not meet the requirement of applying at least 75% of its income for charitable purposes, as the shares donated were not considered part of the income applied in the relevant year. The decision favored the Revenue, with no costs awarded. Case-Laws Income Tax Mon, 18 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26115