https://www.taxtmi.com/caselaws?id=439850 The Tribunal overturned the Commissioner of Income Tax's order under section 263, reinstating the Assessing Officer's decision regarding a corpus donation received by a charitable society. The Tribunal found that the Assessing Officer had conducted a thorough inquiry, accepted the income after due consideration, and that the donation did not prejudice revenue as the impact would be neutral due to the society's charitable activities. Consequently, the Tribunal quashed the Commissioner's order, ruling in favor of the assessee. en-us Thu, 11 May 2023 00:00:00 +0530 Tue, 04 Jul 2023 08:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439850 The Tribunal overturned the Commissioner of Income Tax's order under section 263, reinstating the Assessing Officer's decision regarding a corpus donation received by a charitable society. The Tribunal found that the Assessing Officer had conducted a thorough inquiry, accepted the income after due consideration, and that the donation did not prejudice revenue as the impact would be neutral due to the society's charitable activities. Consequently, the Tribunal quashed the Commissioner's order, ruling in favor of the assessee. Case-Laws Income Tax Thu, 11 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439850