https://www.taxtmi.com/caselaws?id=442357 The Tribunal ruled in favor of the assessee, setting aside the disallowance of capital and revenue expenses, statutory exemption under Section 11(1)(a), and adjustments made by the Assessing Officer. The Tribunal accepted the explanations for late filing due to the COVID-19 pandemic and fire incident, emphasizing compliance with extended deadlines. Additionally, the Tribunal agreed that income from trust property should be computed on commercial principles. The order passed under Section 143(1) was deemed invalid due to the Assessing Officer's failure to provide intimation before making adjustments. The appeal was allowed, directing the Assessing Officer to grant the exemption claimed under Section 11 of the Act. en-us Tue, 23 May 2023 00:00:00 +0530 Tue, 29 Aug 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442357 The Tribunal ruled in favor of the assessee, setting aside the disallowance of capital and revenue expenses, statutory exemption under Section 11(1)(a), and adjustments made by the Assessing Officer. The Tribunal accepted the explanations for late filing due to the COVID-19 pandemic and fire incident, emphasizing compliance with extended deadlines. Additionally, the Tribunal agreed that income from trust property should be computed on commercial principles. The order passed under Section 143(1) was deemed invalid due to the Assessing Officer's failure to provide intimation before making adjustments. The appeal was allowed, directing the Assessing Officer to grant the exemption claimed under Section 11 of the Act. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442357