https://www.taxtmi.com/caselaws?id=769563 ITAT Kolkata allowed the assessee trust's appeal regarding exemption under section 10(23C)(iiiad). The tribunal held that funds collected for building and repair development expenditure should be excluded from gross receipts when computing income for exemption purposes. Following precedent from Vidya Bharati Society case, ITAT set aside CIT(A)'s order and directed AO to recompute income after excluding such expenditure and allow the claimed exemption. en-us Fri, 25 Apr 2025 00:00:00 +0530 Mon, 28 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769563 ITAT Kolkata allowed the assessee trust's appeal regarding exemption under section 10(23C)(iiiad). The tribunal held that funds collected for building and repair development expenditure should be excluded from gross receipts when computing income for exemption purposes. Following precedent from Vidya Bharati Society case, ITAT set aside CIT(A)'s order and directed AO to recompute income after excluding such expenditure and allow the claimed exemption. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769563