https://www.taxtmi.com/caselaws?id=421456 The ITAT allowed the appeal of the assessee, ruling that the deduction under Section 11(1)(a) of the Income Tax Act should be based on the actual gross income received by the trust, not just the actual receipts. The ITAT disagreed with the CIT(A)'s decision and upheld the trust's claim for a deduction of Rs. 60,65,330 in line with a Supreme Court judgment. This case underscores the significance of aligning tax interpretations with legal precedents and the taxpayer's real financial transactions. en-us Mon, 04 Apr 2022 00:00:00 +0530 Mon, 25 Apr 2022 08:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421456 The ITAT allowed the appeal of the assessee, ruling that the deduction under Section 11(1)(a) of the Income Tax Act should be based on the actual gross income received by the trust, not just the actual receipts. The ITAT disagreed with the CIT(A)'s decision and upheld the trust's claim for a deduction of Rs. 60,65,330 in line with a Supreme Court judgment. This case underscores the significance of aligning tax interpretations with legal precedents and the taxpayer's real financial transactions. Case-Laws Income Tax Mon, 04 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421456