Advance receivables qualify as application of income u/s 11(2): ITAT Chandigarh

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...