https://www.taxtmi.com/caselaws?id=750950 ITAT Delhi upheld CIT(E)'s revision order u/s 263 against a trust. The trust had donated accumulated funds from previous years to educational institutions, violating explanation to section 11(2) read with section 11(3)(d). Such donations from accumulated funds are not allowable as charitable application and deemed taxable income. AO failed to examine this issue during assessment u/s 143(3), making the order erroneous and prejudicial to revenue. CIT(E) correctly set aside assessment for de novo proceedings with proper verification and reasonable opportunity to the trust. en-us Thu, 14 Mar 2024 00:00:00 +0530 Thu, 04 Apr 2024 08:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750950 ITAT Delhi upheld CIT(E)'s revision order u/s 263 against a trust. The trust had donated accumulated funds from previous years to educational institutions, violating explanation to section 11(2) read with section 11(3)(d). Such donations from accumulated funds are not allowable as charitable application and deemed taxable income. AO failed to examine this issue during assessment u/s 143(3), making the order erroneous and prejudicial to revenue. CIT(E) correctly set aside assessment for de novo proceedings with proper verification and reasonable opportunity to the trust. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750950