https://www.taxtmi.com/caselaws?id=60293 The case involved the interpretation of section 11(1)(a) of the Income-tax Act regarding the application of income for charitable purposes. The assessee, a charitable trust, claimed a donation in the form of preference shares should be considered as an application of income. The Commissioner initially accepted this claim, directing a 'Nil' income for the year. However, the departmental representative contested this decision, leading to the reversal of the Commissioner's finding. The High Court ruled against considering the donation of preference shares as an application of income for charity, resulting in tax liability on the balance amount. en-us Wed, 20 Apr 1988 00:00:00 +0530 Tue, 04 Jan 2011 15:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60293 The case involved the interpretation of section 11(1)(a) of the Income-tax Act regarding the application of income for charitable purposes. The assessee, a charitable trust, claimed a donation in the form of preference shares should be considered as an application of income. The Commissioner initially accepted this claim, directing a 'Nil' income for the year. However, the departmental representative contested this decision, leading to the reversal of the Commissioner's finding. The High Court ruled against considering the donation of preference shares as an application of income for charity, resulting in tax liability on the balance amount. Case-Laws Income Tax Wed, 20 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60293