https://www.taxtmi.com/caselaws?id=420653 The Appellate Tribunal allowed the appeal, deleting the addition of Rs. 71,17,956 made by the Assessing Officer due to the Assessee's failure to utilize 85% of total receipts. The Tribunal found that the Assessee had complied with the investment requirements under the Income Tax Act and applied income derived from trust property on commercial principles. Relying on the Supreme Court judgment in "CIT(E) vs. Subros Educational Society," the Tribunal accepted the Assessee's claim of setting off excess expenditure against subsequent years' income, leading to the deletion of the addition. en-us Mon, 21 Feb 2022 00:00:00 +0530 Thu, 07 Apr 2022 10:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420653 The Appellate Tribunal allowed the appeal, deleting the addition of Rs. 71,17,956 made by the Assessing Officer due to the Assessee's failure to utilize 85% of total receipts. The Tribunal found that the Assessee had complied with the investment requirements under the Income Tax Act and applied income derived from trust property on commercial principles. Relying on the Supreme Court judgment in "CIT(E) vs. Subros Educational Society," the Tribunal accepted the Assessee's claim of setting off excess expenditure against subsequent years' income, leading to the deletion of the addition. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420653