https://www.taxtmi.com/caselaws?id=297591 The Tribunal allowed the assessee's appeals by deleting the addition of Rs. 25,00,000 under section 56(2)(vii) of the Income Tax Act, as the trust could not be considered an 'individual' for taxation purposes. The disallowance under section 14A was remitted back to the Assessing Officer for recomputation, excluding investments that did not yield income. Additionally, the Tribunal directed verification of the claim for TDS credit of Rs. 1,22,329 for the assessment year 2013-2014. en-us Wed, 05 Jul 2017 00:00:00 +0530 Mon, 13 Sep 2021 09:20:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297591 The Tribunal allowed the assessee's appeals by deleting the addition of Rs. 25,00,000 under section 56(2)(vii) of the Income Tax Act, as the trust could not be considered an 'individual' for taxation purposes. The disallowance under section 14A was remitted back to the Assessing Officer for recomputation, excluding investments that did not yield income. Additionally, the Tribunal directed verification of the claim for TDS credit of Rs. 1,22,329 for the assessment year 2013-2014. Case-Laws Income Tax Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297591