https://www.taxtmi.com/caselaws?id=58792 The Tribunal held that the tax refund of Rs. 4,20,321 granted to a public charitable trust should be treated as income available for application on the trust's objects, despite a pending High Court reference. The Tribunal rejected arguments that the refund should not be considered income until the High Court decision or that setting aside the refund for potential tax liabilities constituted an application of income. The Tribunal emphasized that the refund was income and must be utilized for the trust's charitable purposes, dismissing the appeal and suggesting that any remedy for the trust's situation should be legislative rather than judicial. en-us Mon, 06 May 1991 00:00:00 +0530 Wed, 22 Dec 2010 12:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58792 The Tribunal held that the tax refund of Rs. 4,20,321 granted to a public charitable trust should be treated as income available for application on the trust's objects, despite a pending High Court reference. The Tribunal rejected arguments that the refund should not be considered income until the High Court decision or that setting aside the refund for potential tax liabilities constituted an application of income. The Tribunal emphasized that the refund was income and must be utilized for the trust's charitable purposes, dismissing the appeal and suggesting that any remedy for the trust's situation should be legislative rather than judicial. Case-Laws Income Tax Mon, 06 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58792