https://www.taxtmi.com/caselaws?id=432150 The delay in filing the appeal was condoned due to the pandemic, and the appeal was admitted for adjudication. The trust was denied exemption under sections 11 and 12 of the I.T. Act for advancing loans to trustees. The AO's order was deemed erroneous and prejudicial to revenue, leading to a direction for reassessment. The Tribunal upheld the revision order under section 263, dismissing the appeal as the AO's assessment was found to be incorrect and prejudicial to revenue. en-us Tue, 20 Dec 2022 00:00:00 +0530 Thu, 29 Dec 2022 09:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432150 The delay in filing the appeal was condoned due to the pandemic, and the appeal was admitted for adjudication. The trust was denied exemption under sections 11 and 12 of the I.T. Act for advancing loans to trustees. The AO's order was deemed erroneous and prejudicial to revenue, leading to a direction for reassessment. The Tribunal upheld the revision order under section 263, dismissing the appeal as the AO's assessment was found to be incorrect and prejudicial to revenue. Case-Laws Income Tax Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432150