https://www.taxtmi.com/caselaws?id=429766 The Tribunal quashed the order passed under section 263 of the Income Tax Act for Assessment Year 2016-17, restoring the original assessment order. It found that the alleged discrepancies in the application of funds by the trust were unfounded, as the amounts in question were correctly utilized for their intended purposes and not claimed as income during the year. The Tribunal ruled in favor of the assessee, setting aside the CIT (E)'s order and reinstating the original assessment under section 143(3) of the Income Tax Act. en-us Mon, 31 Oct 2022 00:00:00 +0530 Fri, 04 Nov 2022 08:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429766 The Tribunal quashed the order passed under section 263 of the Income Tax Act for Assessment Year 2016-17, restoring the original assessment order. It found that the alleged discrepancies in the application of funds by the trust were unfounded, as the amounts in question were correctly utilized for their intended purposes and not claimed as income during the year. The Tribunal ruled in favor of the assessee, setting aside the CIT (E)'s order and reinstating the original assessment under section 143(3) of the Income Tax Act. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429766