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2018 (12) TMI 222
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....al under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 15th July, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This appeal relates to Assessment Year 2007-08. 2. The Revenue has urged only the following question of law for our consideration : (i) Whether on the facts and circumstances of the case and in law, the Tribunal was right in uphold....
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....ry, 2013 held that the balance amount of Rs. 1.52 crores which is being disallowed as the donation is given by the respondent assessee from its accumulated income, then it is not deemed to application of income for charitable purpose. 4. Being aggrievd, the respondent filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By order dated 15th November, 2013 the CIT(A) held that ut....
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....nuary, 1978 issued by the CBDT that utilization of the funds by making donations to another Trust would amount to application of income within the meaning of Section 11 of the Act. It further held that no case of diversion of income involving infringement of provisions of Section 13 of the Act was made out. 6. The grievance of the Revenue is that the donations are being made out of its corpus b....