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2008 (12) TMI 374 - HC - Income TaxCharitable purpose - Exemption- Application of Fund - The assessee claimed exemption of the amount advanced to a trader for purchase of cement for construction of pilgrim centre on the ground that it had been spent for charitable purpose. The claim was rejected by the Assessing Officer as well as the Commissioner (Appeals). The Tribunal allowed the claim based on the affidavit filed by the trustee that the funds advanced would be utilized for the purchase of cement later. Held that- there was no immediate requirement of cement as no concrete proposal was there for construction of the pilgrimage centre. Thus it was in the form of deposit or investment not qualifying for deduction thus upheld the order of Commissioner (Appeals).
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