Assessee, a charitable trust, in financial year 2010-11 (assessment year 2011-12) received certain amount from ‘E’ company under corporate social responsibility (CSR) initiative for specific purposes of promotion of health/education and livelihood generation including skill development for local community towards their welfare.  Out of amount so received under CSR, certain amount was actually spent by assessee during financial year 2010-11 for purposes assigned in respect of such receipt and balance amount was utilized in immediately next financial year 2011-12 and claimed deduction of same on plea that it had complied with provisions of section 11(1) read with Explanation 1(b) thereto towards utilization of CSR money received-Assessing Officer denied deduction and treated such balance amount as assessee’s income for assessment year 2011-12. Tribunal held that law permitted availability of deduction under section 11(1) where assessee had successfully demonstrated application of income in immediately subsequent financial year. Issue was  restored back to file of Assessing Officer to ascertain actual utilization of donation/income received from ‘E’ for charitable purposes in immediately next financial year 2011-12 in terms with Explanation 1(b) to section 11(1). Delay in filing the intimation  would not be viewed adversely. Matter remanded.  (AY.  2011-12)