https://www.taxtmi.com/caselaws?id=447958 ITAT held that documents seized from employees did not reliably prove the trust collected capitation fees; additions based on those materials were deleted and exemption under s.11 restored for all years. Corpus donations and capital expenditure are to be treated as application of income under s.11(1). Levy under s.115BBE set aside. Depreciation on opening asset values allowed for AYs 2013-14 and 2014-15 (and limited thereafter). Set-off of brought-forward deficits permitted. Addition for alleged bogus purchases and additions based on cash seized from employees were deleted for lack of corroboration. en-us Thu, 04 Jan 2024 00:00:00 +0530 Thu, 30 Oct 2025 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447958 ITAT held that documents seized from employees did not reliably prove the trust collected capitation fees; additions based on those materials were deleted and exemption under s.11 restored for all years. Corpus donations and capital expenditure are to be treated as application of income under s.11(1). Levy under s.115BBE set aside. Depreciation on opening asset values allowed for AYs 2013-14 and 2014-15 (and limited thereafter). Set-off of brought-forward deficits permitted. Addition for alleged bogus purchases and additions based on cash seized from employees were deleted for lack of corroboration. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447958