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Advance receivables qualify as application of income u/s 11(2): ITAT Chandigarh
Case Law Details
- Case Name
- Lala Gauri Mal Butail Trust Vs ITO (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chandigarh
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Lala Gauri Mal Butail Trust Vs ITO (ITAT Chandigarh)
ITAT Chandigarh rules advance receivables qualify as application of income u/s 11(2), deleting Rs.56,947 shortfall and directing AO to accept claim.
The Income Tax Appellate Tribunal (ITAT) in Chandigarh has ruled in favor of the Lala Gauri Mal Butail Trust, deleting a tax assessment of ₹56,947 for the Assessment Year 2016-17. The case, which arose from an assessment under section 143(3) of the Income Tax Act, was heard after being restored by the Tribunal in a previous order dated November 19, 2020. The core issue revolved around the trus...
