https://www.taxtmi.com/caselaws?id=426827 The Tribunal allowed the appeal, quashing the Commissioner's order invoking Section 263 of the Income Tax Act, 1961. It was found that the assessee had properly utilized corpus donations for intended purposes, such as constructing a school, aligning with the trust's objectives. The Commissioner's conclusion that funds were transferred without utilization was deemed factually incorrect. The Tribunal held the Commissioner's order unsustainable in law due to inadequate evaluation of the material on record. en-us Wed, 20 Jul 2022 00:00:00 +0530 Thu, 25 Aug 2022 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426827 The Tribunal allowed the appeal, quashing the Commissioner's order invoking Section 263 of the Income Tax Act, 1961. It was found that the assessee had properly utilized corpus donations for intended purposes, such as constructing a school, aligning with the trust's objectives. The Commissioner's conclusion that funds were transferred without utilization was deemed factually incorrect. The Tribunal held the Commissioner's order unsustainable in law due to inadequate evaluation of the material on record. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426827