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2022 (4) TMI 1329 - HC - Income TaxExemption 11 - utilization of corpus fund towards revenue expenditure as application of income under Section 11(1)(d) - HELD THAT:- A perusal of the paper book reveals that both CIT(A) and ITAT have set aside the assessment order on the ground that ₹ 19 crore cannot be added as additional income of the Trust since exemption on corpus donation is allowed on purchase of land, as it is a purchase of capital asset. This Court also finds that there is no ground of appeal either before the ITAT or before this Court challenging the concurrent finding of the CIT(A) and the ITAT that the substance of the transaction was that the corpus fund had been utilised for a purchase of a capital asset. This Court is further in agreement with the findings of the CIT(A) and ITAT that the substance of the transaction must prevail over the form and, if required, the Appellant must examine the nature of the transaction. In fact, this approach is commended by the Allahabad High Court in Sri Dwarkadheesh Charitable Trust [1974 (4) TMI 31 - ALLAHABAD HIGH COURT]which has been quoted by the appellant in the present appeal. No substantial question of law
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