Charitable Trust Accumulation Reduced & Loan Repayment Disallowed: ITAT Sends Matter Back for Verification

Namo Narain Educational And Charitable Trust Vs ITO (Exemption) (ITAT Lucknow) The appeal before the Income Tax Appellate Tribunal, Lucknow Bench concerned Assessment Year 2023–24 and arose from an appellate order dated 06/02/2025 passed by the Addl./Joint Commissioner of Income Tax (Appeals). The assessee challenged adjustments made in an intimation issued under Section 143(1) of the Income Tax Act. The return of income filed by the assessee was processed under Section 143(1), and an intimation dated 29/10/2024 was issued by the Centralized Processing Centre (CPC). In the said intimation, t...