https://www.taxtmi.com/caselaws?id=760323 The ITAT Jodhpur upheld the CIT(A)'s decision regarding advances to another trust with common trustees, finding no violation of Sections 11-13 as both trusts shared common charitable objects and were registered under Section 12AA. However, the tribunal restored issues concerning security deposits and personal advances to trustees back to the AO for fresh examination, directing that if benefits accrue to trustees, taxation should apply at maximum marginal rates on actual peak amounts rather than notional interest. The tribunal allowed capital expenditure deduction as it was utilized for trust objectives, dismissing the AO's denial of this benefit. en-us Thu, 26 Sep 2024 00:00:00 +0530 Sat, 19 Oct 2024 08:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760323 The ITAT Jodhpur upheld the CIT(A)'s decision regarding advances to another trust with common trustees, finding no violation of Sections 11-13 as both trusts shared common charitable objects and were registered under Section 12AA. However, the tribunal restored issues concerning security deposits and personal advances to trustees back to the AO for fresh examination, directing that if benefits accrue to trustees, taxation should apply at maximum marginal rates on actual peak amounts rather than notional interest. The tribunal allowed capital expenditure deduction as it was utilized for trust objectives, dismissing the AO's denial of this benefit. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760323