https://www.taxtmi.com/caselaws?id=753730 The Tribunal ruled in favor of the assessee, a registered trust, by setting aside the orders of the AO and CIT(A). The Tribunal determined that the corpus donation received by the assessee during AY 2018-19 should not be treated as income from other sources. It concluded that the amended provisions of section 11(1)(d) of the Income Tax Act, introduced by the Finance Act, 2021, were not applicable retrospectively to the assessment year in question. The Tribunal emphasized the error in applying the amendment retrospectively, thereby allowing the assessee's appeal and invalidating the authorities' orders. en-us Thu, 06 Jun 2024 00:00:00 +0530 Sat, 08 Jun 2024 09:05:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753730 The Tribunal ruled in favor of the assessee, a registered trust, by setting aside the orders of the AO and CIT(A). The Tribunal determined that the corpus donation received by the assessee during AY 2018-19 should not be treated as income from other sources. It concluded that the amended provisions of section 11(1)(d) of the Income Tax Act, introduced by the Finance Act, 2021, were not applicable retrospectively to the assessment year in question. The Tribunal emphasized the error in applying the amendment retrospectively, thereby allowing the assessee's appeal and invalidating the authorities' orders. Case-Laws Income Tax Thu, 06 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753730