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2015 (6) TMI 233 - AT - Income TaxDisallowance of expenses on the basis of ‘Application of Income’ - AO treating the whole of the amount of the grant received from Ford Foundation as income of the assesse - Held that:- We find considerable force in the other argument of the assessee’s counsel i.e. the income should be computed on commercial principles, as we have held that the assessee-society is eligible for exemption under section 11 of the Act and we have also held that the objects of the society were of charitable nature within the meaning of section 2(15) of the Act, and as we have further held that there is no violation, whatsoever of the provisions of section 13(1)(c) and (d) of the Income-tax Act, 1961. Respectfully following the above we set aside the matter to the file of the Assessing Officer to compute the income of the assessee for the assessment years 2002-03 and 2003-04 afresh in view of the above direction of the ITAT after affording proper opportunity of being heard to the assessee. - Decided in favour of assesse for statistical purposes.
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