https://www.taxtmi.com/caselaws?id=758490 ITAT Surat dismissed the assessee's appeal claiming weighted deduction u/s 35(1)(ii) for donation to scientific research trust. The assessee earned capital gains from land sale and made year-end donation seeking deduction. The tribunal held that capital gains under Section 48 only permit specific deductions like transfer expenses and acquisition costs, not research donations under Section 35(1)(ii). Additionally, CBDT clarified the trust's approval expired in 2006, making it ineligible to receive donations for weighted deductions. The deduction was rightly disallowed by lower authorities. en-us Fri, 06 Sep 2024 00:00:00 +0530 Sat, 14 Sep 2024 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758490 ITAT Surat dismissed the assessee's appeal claiming weighted deduction u/s 35(1)(ii) for donation to scientific research trust. The assessee earned capital gains from land sale and made year-end donation seeking deduction. The tribunal held that capital gains under Section 48 only permit specific deductions like transfer expenses and acquisition costs, not research donations under Section 35(1)(ii). Additionally, CBDT clarified the trust's approval expired in 2006, making it ineligible to receive donations for weighted deductions. The deduction was rightly disallowed by lower authorities. Case-Laws Income Tax Fri, 06 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758490