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2022 (8) TMI 1066 - AT - Income TaxRevision u/s 263 - As per CIT Corpus Donation received by a Charitable Institution is required to be used as per the specific condition for receiving such donation. The assessee has passed on/transfer the money to other Organisation without utilising the same for the purpose for which donation was received - HELD THAT:- Assessee -Trust has taken an object of establishing Schools and Universities, Libraries and other Educational Institutions for the development of education. It has used major contribution of Rs.1,41,00,000/- out of the alleged Rs.1,76,00,000/- for constructing Smt. Kamla Devi Budhia Government School. If the details brought to our notice are fitted against the finding of ld. Commissioner recorded in the last paragraph, then it would reveal that ld. Commissioner has not applied his mind to any of the information given by the assessee. The above finding is factually incorrect. It suggests the power under section 263 has been exercised without evaluating the material available on record. Hence, the impugned order is not sustainable in the eyes of law. It is quashed. - Decided in favour of assessee.
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