TMI Blog2018 (6) TMI 1795X X X X Extracts X X X X X X X X Extracts X X X X ..... pital asset is applied for charitable purposes in keeping with the objects of the assessee trust, not by acquiring a new asset but for other charitable purposes, then there is no reason why it should not be considered as application of income for charitable purpose, thereby enabling the assessee to be eligible for claiming exemption under Section 11 of the Act. Following the aforesaid decision of Al Ameen Educational Society Vs. DIT (Exemptions) (supra), we uphold the decision of the learned CIT (Appeals), rendered at para 12 of the impugned order, that donations made form sale proceeds of the capital asset for charitable purpose in furtherance of the objects of the assessee trust, renders the assessee eligible for exemption under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lief. 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 assessee is eligible for exemption under Section 11 of the Act. The learned CIT (Appeals) also held that the Assessing Officer s view, that unless investment is made in another capital asset, exemption under Section 11 of the Act cannot be allowed; is not a correct view. 3.1 Revenue, being aggrieved by the decision of the learned CIT (Appeals) 4, Bangalore dt.3.10.2017 for Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... table purposes made from sale proceeds of the capital asset is also application of income 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 gains / sale proceeds of the capital asset is applied for charitable purposes in keeping with the objects of the assessee trust, not by acquiring a new asset but for other charitable purposes, then there is no reason why it should not be considered as application of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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