https://www.taxtmi.com/caselaws?id=769638 ITAT Chennai quashed CIT's revision order u/s 263 challenging charitable exemption u/s 11. The tribunal held that AO conducted thorough enquiry after issuing notices and properly verified assessee's activities qualified for exemption u/s 2(15). CIT's findings were deemed whimsical and inconclusive regarding three disputed payments - investment in television company, corpus donation to educational institution, and advance tax payment. AO had followed Madras HC decision in assessee's favor and took plausible view permitted under law. Since AO considered all issues on merits and assessment order was not erroneous, CIT's revision was without jurisdiction. Appeal decided in favor of assessee. en-us Tue, 26 Nov 2024 00:00:00 +0530 Tue, 29 Apr 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769638 ITAT Chennai quashed CIT's revision order u/s 263 challenging charitable exemption u/s 11. The tribunal held that AO conducted thorough enquiry after issuing notices and properly verified assessee's activities qualified for exemption u/s 2(15). CIT's findings were deemed whimsical and inconclusive regarding three disputed payments - investment in television company, corpus donation to educational institution, and advance tax payment. AO had followed Madras HC decision in assessee's favor and took plausible view permitted under law. Since AO considered all issues on merits and assessment order was not erroneous, CIT's revision was without jurisdiction. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769638