https://www.taxtmi.com/caselaws?id=449688 The Tribunal partially allowed the appeal of the assessee, a charitable trust, against the denial of exemption under section 11 of the Income Tax Act, 1961, and the disallowance of 10% of revenue expenditure by the AO. The NFAC had upheld the disallowance, but the Tribunal found that the disallowance would only increase the surplus income, which could be carried forward for charitable purposes since it did not exceed 15% of total receipts. The additional ground of appeal was allowed, while other grounds were dismissed as infructuous. Judgment was pronounced on 15th February 2024. en-us Thu, 15 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 06:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449688 The Tribunal partially allowed the appeal of the assessee, a charitable trust, against the denial of exemption under section 11 of the Income Tax Act, 1961, and the disallowance of 10% of revenue expenditure by the AO. The NFAC had upheld the disallowance, but the Tribunal found that the disallowance would only increase the surplus income, which could be carried forward for charitable purposes since it did not exceed 15% of total receipts. The additional ground of appeal was allowed, while other grounds were dismissed as infructuous. Judgment was pronounced on 15th February 2024. Case-Laws Income Tax Thu, 15 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449688