https://www.taxtmi.com/caselaws?id=757900 The ITAT Mumbai dismissed the revenue's appeal regarding exemption under section 11. The tribunal held that education grants given to Indian students in India for overseas education qualify as application of income for charitable purposes within India. The assessee provided grants to 97 scholars studying abroad, with disbursement occurring in India for educating Indian persons. The application of income was deemed complete when grants were released in India, not when utilized abroad for education. The charitable purpose remained education of Indian students, making the grants eligible for exemption despite overseas study locations. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757900 The ITAT Mumbai dismissed the revenue's appeal regarding exemption under section 11. The tribunal held that education grants given to Indian students in India for overseas education qualify as application of income for charitable purposes within India. The assessee provided grants to 97 scholars studying abroad, with disbursement occurring in India for educating Indian persons. The application of income was deemed complete when grants were released in India, not when utilized abroad for education. The charitable purpose remained education of Indian students, making the grants eligible for exemption despite overseas study locations. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757900