https://www.taxtmi.com/caselaws?id=457066 ITAT Patna dismissed Revenue's appeal against CIT(A)'s deletion of capital gains addition on sale of vehicles and flat by charitable trust. The assets purchased in 2008 formed part of block assets under pre-2015 provisions, and AO failed to properly apply the relevant scheme. Regarding properties allegedly used for non-educational purposes, AO made additions without establishing factual use by specified persons under section 13(2)/(3). No investigation was conducted to prove misuse by associated persons. CBDT Circular clarified that property acquisition isn't inherently disallowed for charitable institutions unless actually misused by excluded persons at concessional rates. AO's additions lacked proper understanding of statutory provisions and factual basis. en-us Fri, 14 Jul 2023 00:00:00 +0530 Wed, 04 Sep 2024 20:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457066 ITAT Patna dismissed Revenue's appeal against CIT(A)'s deletion of capital gains addition on sale of vehicles and flat by charitable trust. The assets purchased in 2008 formed part of block assets under pre-2015 provisions, and AO failed to properly apply the relevant scheme. Regarding properties allegedly used for non-educational purposes, AO made additions without establishing factual use by specified persons under section 13(2)/(3). No investigation was conducted to prove misuse by associated persons. CBDT Circular clarified that property acquisition isn't inherently disallowed for charitable institutions unless actually misused by excluded persons at concessional rates. AO's additions lacked proper understanding of statutory provisions and factual basis. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457066