ITAT Directs AO to Reassess Trust’s Income as Nil After Full Application of Funds Under Section 11

Cossimbazar Social Welfare And Development Trust Vs ITO (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has allowed an appeal by Cossimbazar Social Welfare And Development Trust, setting aside a tax demand raised by the Income Tax Officer (ITO), Centralized Processing Centre (CPC), Bangalore. The Tribunal ruled that the CPC erred by failing to consider the trust’s application of income (expenditure) while processing its return under Section 143(1) of the Income-tax Act, 1961. The case pertains to the assessment year 2022-23, where the trust challenged an order from th...