https://www.taxtmi.com/caselaws?id=314548 ITAT Raipur allowed the assessee's appeal regarding exemption u/s 11. The tribunal held that advance payments for land purchase cannot be considered under section 13(1)(d) provisions, following the consistency principle as Revenue had accepted such advances in earlier years. The CIT(A)'s income enhancement was set aside, ruling that loan repayment for charitable purposes constitutes valid application of income per CBDT Circular No. 100/1973, and no double claim existed as the assessee hadn't claimed land purchase from loans as income application. en-us Fri, 08 Nov 2019 00:00:00 +0530 Wed, 19 Jun 2024 08:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314548 ITAT Raipur allowed the assessee's appeal regarding exemption u/s 11. The tribunal held that advance payments for land purchase cannot be considered under section 13(1)(d) provisions, following the consistency principle as Revenue had accepted such advances in earlier years. The CIT(A)'s income enhancement was set aside, ruling that loan repayment for charitable purposes constitutes valid application of income per CBDT Circular No. 100/1973, and no double claim existed as the assessee hadn't claimed land purchase from loans as income application. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314548