https://www.taxtmi.com/caselaws?id=421399 The trust's appeal regarding the correct application of Explanation 3 to Sec.11(1) in computing income for AY 2019-20, specifically in relation to disallowance under Sec.40(a)(ia), was upheld by the ITAT. The dispute arose from discrepancies in income computation due to the disallowance, impacting the trust's eligibility for exemption. The ITAT directed the CPC to rectify the computation, resulting in the trust's income being assessed at &8377; 10,51,705/- for taxation purposes. The appeal emphasized the importance of accurately applying the law in determining the trust's income for exemption purposes. en-us Fri, 01 Apr 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:34:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421399 The trust's appeal regarding the correct application of Explanation 3 to Sec.11(1) in computing income for AY 2019-20, specifically in relation to disallowance under Sec.40(a)(ia), was upheld by the ITAT. The dispute arose from discrepancies in income computation due to the disallowance, impacting the trust's eligibility for exemption. The ITAT directed the CPC to rectify the computation, resulting in the trust's income being assessed at &8377; 10,51,705/- for taxation purposes. The appeal emphasized the importance of accurately applying the law in determining the trust's income for exemption purposes. Case-Laws Income Tax Fri, 01 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421399