https://www.taxtmi.com/caselaws?id=466842 Whether repayment of a loan taken and recorded as a receipt in an earlier year for construction of charitable educational infrastructure qualifies as an application of income under section 11 is the central issue. The analysis applies the binding effect of administrative circulars and relevant precedents to hold that repayment of borrowings used for charitable purposes constitutes application of income; the repayment is thus treated as application of income. The finding notes absence of double deduction on the facts and observes a later statutory amendment is prospective, leaving the operative effect unchanged for the year under consideration. en-us Mon, 24 Feb 2025 00:00:00 +0530 Sun, 22 Feb 2026 22:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466842 Whether repayment of a loan taken and recorded as a receipt in an earlier year for construction of charitable educational infrastructure qualifies as an application of income under section 11 is the central issue. The analysis applies the binding effect of administrative circulars and relevant precedents to hold that repayment of borrowings used for charitable purposes constitutes application of income; the repayment is thus treated as application of income. The finding notes absence of double deduction on the facts and observes a later statutory amendment is prospective, leaving the operative effect unchanged for the year under consideration. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466842