https://www.taxtmi.com/caselaws?id=773799 Repayment of a loan originally borrowed to acquire assets used for charitable activities can constitute application of income where the funds were used for the charitable objects. On that basis, the Tribunal held that the Assessing Officer had taken a plausible view in allowing the claim, so the assessment order was not erroneous or prejudicial to the interests of the Revenue. Revisionary jurisdiction was therefore not warranted, and the revision order was quashed while the assessment order was restored. en-us Thu, 22 May 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773799 Repayment of a loan originally borrowed to acquire assets used for charitable activities can constitute application of income where the funds were used for the charitable objects. On that basis, the Tribunal held that the Assessing Officer had taken a plausible view in allowing the claim, so the assessment order was not erroneous or prejudicial to the interests of the Revenue. Revisionary jurisdiction was therefore not warranted, and the revision order was quashed while the assessment order was restored. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773799