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2018 (6) TMI 1795
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.... CIT (D.R) Respondent By : Shri V. Srinivasan, Advocate. ORDER Per Shri Jason P Boaz, A.M. : This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-4, Bangalore dt.03.10.2017 for the Assessment Year 2013-14. 2. Briefly stated, the facts relevant for disposal of this appeal are as under :- 2.1 The assessee, a religious and charitable socie....
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....017, allowing the assessee partial relief. In doing so, the learned CIT (Appeals), following the decision of a co-ordinate bench of this Tribunal in the case of Al Ameen Educational Society Vs. DIT (Exemptions) (2012) 26 taxmann.com 250 (Bang) held that donations made from the sale proceeds of the capital asset is also application of income towards the objects of the Trust and therefore, the asses....
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....where a charitable or religious trust transferring a capital asset solely with a view to acquiring another capital asset for the use and benefit of the trust and utilized the capital gains arising from the transaction in acquiring a new capital asset, the amount of capital so utilized should be regarded as having been applied to the charitable or religious purpose of the trust. 3. Whether....
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....ncome towards achievement of the objects of the Trust and render it eligible for exemption under Section 11 of the Act. We find that the issue before us, is squarely covered in favour of the assessee by the decision of a co-ordinate bench of this Tribunal in the case of Al Ameen Educational Society Vs. DIT (Exemptions) (supra) wherein the Bench at paras 16.1, 17.1 and 21 held that if the capital g....