https://www.taxtmi.com/caselaws?id=313017 ITAT Delhi held that CPC's disallowance of entire expenditure under section 143(1) was unwarranted as the adjustment did not fall under prescribed limbs of section 143(1). The tribunal found that debatable issues cannot be subject matter of adjustment under section 143(1). Additionally, following HC precedent, even if charitable society's benefit under sections 11-12 is denied and income is taxed as income from other sources, all relevant expenditures must be allowed under section 57(iii). Appeal decided in favor of assessee. en-us Wed, 13 Apr 2022 00:00:00 +0530 Tue, 19 Mar 2024 18:52:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313017 ITAT Delhi held that CPC's disallowance of entire expenditure under section 143(1) was unwarranted as the adjustment did not fall under prescribed limbs of section 143(1). The tribunal found that debatable issues cannot be subject matter of adjustment under section 143(1). Additionally, following HC precedent, even if charitable society's benefit under sections 11-12 is denied and income is taxed as income from other sources, all relevant expenditures must be allowed under section 57(iii). Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 13 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313017