Assessee was a charitable educational institution. It filed its return of income showing gross total income at Rs. 5.98 crores and claiming expenditure of Rs. 7.27 crores as an amount applied to charitable purposes. Thus, net income was claimed as a loss of Rs. 1.28 crores. Assessee also claimed that its income would any way be exempt under section 10(23C)(iiiab). The Assessing Officer\u00a0 denied exemption under section 10(23C) on ground that assessee was not registered under section 12A\/12AA and its income was brought to tax under head income from other sources.\u00a0\u00a0 However while computing income, Assessing Officer did not allow above said expenditure claimed by assessee.\u00a0 CIT (A) allowed the Claim of the assessee. On appeal by revenue\u00a0 the Tribunal held that even if revenue brought to tax receipts during year as income from other sources, it was not justified in denying benefit of genuine claim of incidental expenditure under section 57(iii) being expenditure (not been in nature of capital expenditure) laid out by assessee institution wholly or exclusively for purpose of making or earning such income, accordingly\u00a0 expenditure was to be allowed under section 57(iii) of the Act.\u00a0 (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Exemption denied and income assessed as income from other sources-All incidental expenditures laid out by assessee wholly or exclusively for purpose of making or earning such income were also to be allowed under section 57(iii). [S. 10(23C)(iiiab), 12A, 12AA, 57(iii)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19320","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-51C","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19320"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19320\/revisions"}],"predecessor-version":[{"id":19321,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19320\/revisions\/19321"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}