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Income Tax Appellate Tribunal, DELHI BENCH, G: NEW DELHI
Before: SHRI CHALLA NAGENDRA PRASAD & SHRI BRAJESH KUMAR SINGH
Date of Hearing 13.11.2025 Date of Pronouncement 12.12.2025 ORDER
PER BRAJESH KUMAR SINGH, AM,
This appeal has been preferred by the assessee against the order of the National Faceless Appeal Centre [hereinafter referred to as the ‘Ld. CIT(A)] Delhi, dated 24.09.2024 pertaining to Assessment Year 2018-19, arising out of Assessment order dated 20.04.2021 under Section 143(3) r.w.s. 144B of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Brief facts of the case: The assessee, Salwan Educational Trust filed its return of income for the AY 2018-19 on 10/09/2018 admitting NIL income. The case was ITA No.- 5275/Del/2024 Salwan Educa�on Trust selected for complete scrutiny to examine accumulation of income of the Trust and receipts of the Trust. Notice u/s 143(2) was issued on 22.09.2019, and duly served upon the assessee. 2.1 The assessee is registered u/s 12A of the Income Tax Act. During the assessment proceedings, the assessee submitted that the object of the Trust is to provide quality education and knowledge to children. The assessee further submitted that the trust runs 12 schools and that all the accounts of the schools and trust are audited. The assessee also submitted the Balance Sheet, Income & Expenditure accounts, Receipt & Payment accounts of the trust and the schools along with consolidated sheet showing receipts, expenditure on revenue and capital account. 2.2 From the return of income and the details submitted, the AO noted that the trust had offered gross receipts of Rs 111,22,43,804/- and had shown that an amount of Rs. 83,03,53,058/- was applied as revenue account and an amount of Rs. 5,47,45,585/-was applied towards capital account. The AO further noted that during the year, the assessee had set apart a sum of Rs. 6,03,08,590/- as deemed application as per clause (2) of explanation to section u/s 11(1) of the Income Tax Act.
2.3. The AO noted that the gross receipts of the assessee trust excluding the amount of Rs. 3,94,60,633/- (which was considered separately by him) was Rs. 107,27,83, 171/-. The AO further noted that the assessee trust had made revenue ITA No.- 5275/Del/2024 Salwan Educa�on Trust application of Rs.83,03,53,058/- and capital application of Rs.5,47,45,585/- and had set apart Rs.6,03,08,590/- under clause 2 of explanation to 11(1) of the IT Act. The AO also noted that as the assessee had applied Rs. 94,54,07,233/- which was more than 85% of the gross receipts i.e. Rs.91,18,65,695/- (ie. 85% of Rs. 107,27,83,171/), the application was restricted to Rs.91,18,65,696/-. Further, the AO noted that an amount of Rs. 4,44,60,633/- was set apart u/s 11(2) for A.Y. 2013-14 out of which an amount of Rs. 50,00,000/- was treated as income of the trust for A.Y. 2017-18. On perusal of Form 10, the AO noted that an amount of Rs. 4,44,60,633/- was accumulated for the purpose of construction of building at Salwan Public School, Tronica City and Salwan Public School, Gurugam. In this regard, the assessee submitted its response to AO’s query submitted vide letter dated 23.02.2021 as under: “The sum of Rs.3,94,60,633/- was added to the income shown in the consolidated sheets and it has been applied for the purpose of running the educational institutions. The capital expenditure by the trust and various schools, detail of addition with bills being separately submitted are proof of utilisation of the funds for the purpose of the trust activities only. As is apparent from the computation of income and the consolidated sheets, the expenditures whether revenue or capital account have been incurred for the purpose of running the schools only and promoting the cause of education only. " (emphasis supplied)
2.4 The AO further noted that in para 4.2, of its order that as per Form. 10, for A.Y. 2013-14, an amount of Rs. 4,44,60,633/- was accumulated (which includes amount of Rs. 3,94,60,633/-) for the purpose of construction of building at Salwan ITA No.- 5275/Del/2024 Salwan Educa�on Trust Public School, Tronica City and Salwan Public School, Gurgaon. The assessee submitted that the balance amount of Rs. 3,94,60,633/- out of the total accumulated amount was applied for the purpose of running the educational institutions. From the submissions the AO noted that it was clear that the amount was not spent by the assesseee for the specific purpose for which it was accumulated and if the amount accumulated by the assesseee u/s 11(2), could not be spent for the specific purpose for which it was accumulated, then the assessee had to file an application before the assessing officer to allow to apply such income for other charitable or religious purpose in India in conformity with the objects of the Trust. The AO further noted that the assessee had not filed any evidence to show that such an application was filed before the assessing officer and it was clear from the assessee's submission that the amount was not spent for the specified purpose as in Form 10. The AO further noted that the assessee trust itself has submitted that the amount of Rs. 3,94,60,633/- was unspent and added to the total receipts and therefore, the assessee's submission vide letter dated 23.02.2021 that the amount of Rs. 3,94,60,633/- was spent was an after thought. The AO observed that if the amount set apart was spent/utilised by the specific purpose, the assessee trust while filing the return would not have stated that the amount was unspent. The AO further noted that even though the assessee trust had incurred capital expenditure of Rs. 5,47,45,585/-, but the same was not utilised for the purpose for which the amount was set apart u/s 11(2) for A.Y. 2013- ITA No.- 5275/Del/2024 Salwan Educa�on Trust 14. The AO in view of the facts, as noted that since the assessee had not utilised the amount of Rs.3,94,60,633/- for the specified purpose, the entire amount was liable to be treated as unutilized funds and brought to tax u/s 11(3) of the Income Tax Act.
2.5 Accordingly, the AO issued a show cause notice dated 29.03.2021 along with Draft assessment order to the assessee asking it to explain as to why the amount of Rs. 3,94,60,633/-which was accumulated and not utilised during the year for the purpose for which it was accumulated should not be taxed u/s 11(3) of the Income Tax Act.
2.6. In response to the show cause notice, the assessee furnished its submissions, which is reproduced in the assessment order as under:
"The AO has not considered the amounts spent during the year on capital assets of Salwan Public School, Gurgaon and at Tronica city, as were reflected in the consolidation sheet which is the basis of arriving at the taxable income of the trust. The additions to assets acquired for educational purposes during the financial year, as reflected in the audited accounts and the consolidation sheet are as under: Salwan Public School-Gurgaon, Sector 15 (ii) Rs.2,10,80,474/- SalwanMontesori School, Sector 5, Gurgaon Rs. 9,22,063/- Salwan Public School, Trans Delhi City, Loni (Tronica) 66,99,132/- ……………………… Total additions to assets in Gurgaon and Tronica School Rs. 2,87,01,669/- 5 ITA No.- 5275/Del/2024 Salwan Educa�on Trust The details of additions duly supported by copies of bills amount reflect that these amounts were spent only for assets acquired for educational purposes carried on by the schools. This being the only purpose for which the trust and the schools are working, and there being no other main object in the deed of the trust, there was no case for the assessee to apply to the department to allow it to use the accumulated sum for any other purpose. Infact the schools operate on a regular basis where the funds for the year and the accumulated funds are used exclusively for revenue and capital expenditure for running the schools which are running only for educational purposes to provide students from all walks of lives irrespective of caste, creed or gender, education related to curriculum of the higher secondary duly supported by wide variety of extra curricular activities to provide all students a wholesome growth in their mental and physical being to take on the highly competitive world. ……………….. In para 4 of the draft order, it has been mentioned that 'utlisation of surplus accumulated during an earlier year has been shown as Zero. This was because the total unadjusted accumulated amount was added to their total revenue and was deemed to be utilised as per the consolidated sheet showing audited accounts of each school. The reference to point 8(B) of schedule EC has been wrongly made, since point 8(B) is not available in the return form. It is submitted that the presentation could have been erroneous while filling up ITR-7, which has undergone significant changes to reflect the details correctly. But the income must be assesed as per the facts of the case, which have been submitted and reflected in the charts above. In view of the same it is requested that the income may kindly be assessed based on the facts of the case of the assessen, as stated herein. (emphasis supplied)
2.7. The AO considered the above submissions of the assessee and noted that in the Form 10 for A.Y. 2013-14 the amount of Rs.4,44,60,633/- was accumulated (which included an amount of Rs.3,94,60,633/-) for the purpose of construction of building at Salwan Public School, Tronica City and Salwan Public School, Gurgaon. The AO further noted that the assessee submitted that an amount of Rs.2,87,01,669/- was applied towards addition to assets in Gurgaon and Tronica School including 6 ITA No.- 5275/Del/2024 Salwan Educa�on Trust Salwan Montesori School, Gurgaon. However, the AO noted that the accumulated funds were not for Salwan Montesori School, Gurgaon, and hence the amount of Rs.9,22,063/- spent towards Salwan Montesori School, Gurgaon could not be treated as spent for the purpose for which the amount was accumulated. Further, regarding the submission of the assessee that an amount of Rs. 2,10,80,474/- and an amount of Rs. 66,99,132/-were spent during the year on capital assets for Salwan Public School, Gurgaon and Salwan Public School, Tronica respectively, the AO on verification of the fixed assets depreciation chart submitted by the assessee noted that the addition to building during the year in respect of the two schools was Rs.1,30,84,202/- as against the claimed of Rs.2,77,79,600/- as per the details as under:
Addition to Addition to Building as Building as per AO per the claim of assessee (in rupees) (in rupees) Salwan Public School, 1,08,93,910/- 2,10,80,474/- Gurgaon Salwan Public School, 21,90,292/- 66,99,123/- Tronica Total addition to 1,30,84,202/- 2,77,79,606/- building in respect of two schools 2.8 The AO noting the submission of the assessee trust that the trust had utilized the funds of the year and the accumulated sum for revenue and capital expenditure ITA No.- 5275/Del/2024 Salwan Educa�on Trust for running the schools which was the object of the trust, observed that the amount accumulated u/s 11(2), had to be spent only for the specific purpose for which it was accumulated. The AO further stated that as already discussed in para 4.2, of his order. if the amount accumulated by the assesseee u/s 11(2), could not be spent for the specific purpose for which it was accumulated, then the assessee had to file an application before the Assessing Officer to allow to apply such income for other charitable or religious purpose in India in conformity with the objects of the Trust which was not done by the assessee. The AO further noted that as, the amount was accumulated for construction of building at Salwan Public School, Gurgaon and Salwan Public School, Tronica and accordingly the amount of Rs.1,30,84,202/- which was utilized for the purpose of accumulation was allowed as application and the balance amount of Rs.2,63,76,431/-(Rs.3,94,60,633/- (-) Rs. 1,30,84,202/-) being not utilised during the year for the purpose for which it was accumulated was brought to tax u/s 11(3) of the Income Tax Act.
3. Aggrieved by the said order, the assessee filed an appeal before the Ld. CIT(A). 3.1. Before the Ld. CIT(A), the assessee reiterating its submissions made during the assessment proceedings also relied upon the decision of the Hon’ble Delhi High Court in the case of Director of Income Tax (Exemption) vs. Daulat Ram, Education Society [2005] 278 ITR 260, which held that so long as one or more of the purposes ITA No.- 5275/Del/2024 Salwan Educa�on Trust specified by the assessee finds place in the objects for which the society had been incorporated, and so long as said purpose are charitable in character, the benefit admissible u/s 11 must flow to the assessee. However, the Ld. CIT(A) did not agree with the same and observed that in the instant case, during the assessment proceedings, the appellant had to file an application before the Assessing Officer to allow to apply such income for other charitable or religious purpose in India in conformity with the objects of the Trust which was not done by the assessee. The Ld. CIT(A) further held that the trust is allowed to accumulate such un appealed portion of income under specified conditions to claim the exemption and noted that in the instant case, during the assessment proceedings the appellant did not inform the Assessing Officer to allow to apply such income for other charitable or religious purpose in India, The Ld. CIT(A) further held that the facts in the case law relied by the assessee was not as similar to the facts and circumstances of the case of the assessee and accordingly dismissed the appeal of the assessee. The relevant findings of the Ld. CIT(A) in para no. 7.1.4 is reproduced as under:
7.1.4 But in the instant case, during the assessment proceedings, the appellant has to file an application before the Assessing Officer to allow to apply such income for other charitable or religious purpose in India in conformity with the objects of the Trust which was not done by the appellant. The trust is allowed to accumulate such unapplied portion of income under specified conditions to claim the exemption. Application of funds:
ITA No.- 5275/Del/2024 Salwan Educa�on Trust Section 11 has prescribed modes for utilisation of such 85% of revenue from property. The 85% funds amount will not be considered as income if: Institutions invest the funds in modes specified under Section 11(5). They submit Form No. 10, which is a notice to the assessing officer informing about income accumulation by a charitable trust at least two months before the due date for filing IT returns. In the instant case, during the assessment proceedings the appellant did not informed the Assessing Officer to allow to apply such income for other charitable or religious purpose in India. Hence, case laws relied by the appellant is not as similar to the facts and circumstances of the case of the appellant. Accordingly ground no. 01 & 02 raised by the appellant is hereby dismissed.”
Aggrieved with the said order, the assessee is in appeal before us on the following grounds of appeal:
1. On the facts and circumstances of the case, the CIT (Appeals) NFAC has erred in sustaining the addition of Rs.2,63,76,431-on the ground that the application of income was not intimated to the Assessing authority and ignored the fact that the sum of Rs. 3,94,60,633 being the total amount of accumulation to be applied had already been included in the return of income filed for the assessment year under reference.
2. The CIT(Appeals) has erred in not appreciating the fact that the only object of the Trust is to run the schools under its aegis and the accumulated amounts have been spent of construction, repairs to assets and for running expenses of the schools.
3. The CIT(Appeals) has while agreeing to the application of the accumulation, has dismissed the appeal on the only ground that the application to the objects of the trust was not intimated to the Assessing Officer.”
5. Before us, the assessee has filed a brief Synopsis which is reproduced as under:
ITA No.- 5275/Del/2024 Salwan Educa�on Trust 1. The appellant is an educational society engaged in the field of education since 1950 and enjoy registration u/s 11 of the Income Tax Act as a charitable institution and runs several schools in Delhi, Gurgaon and Tronica City (UP).
2. The appellant filed Form no 10 for A.Y.2013-14 setting apart Rs.4,44,60,333/- to be applied for construction of school buildings at Gurgaon and Tronica City Schools.
3. Out of the aforesaid sum of Rs.4,44,60,333/- only Rs.3,94,60,633/- remained unutilized at the beginning of the F.Y.2017-18 i.e. as on 1.4.2016.
4. During the assessment year under reference, the appellant spent Rs.5,47,45,585/- towards capital expenditure in various schools, as per detailed consolidation chart placed on record at the time of assessment, before CIT(A) and before the Hon’ble ITAT, G bench.
5. The entire expenditure (revenue and capital) was incurred towards educational purpose only, which is the sole and object of the appellant trust which was running several schools.
Applying the doctrine of legislative intent, the application of income towards objects of the trust was fully eligible to cover the unspent amount of Rs.3,94,60,633/- 7. In this context reliance is placed upon the decision of the Delhi High Court in the reported case of Director of Income Tax (E) vs Daulat Ram Educational Society (2005) 278 ITR 260 wherein their Lordships have opined that Sec.11(2) did not prohibit plurality of the purpose if they were for specified objects and they were charitable in nature.
8. Very similar findings were made by the Honorable Supreme Court in the under-noted decisions. CIT(E) vs. Bochasanwasi Shri Akshar Purshottam Public Charitable Trust (2019) 263 Taxmann 247 [SC]. CIT vs. Gokul Education Foundation (2017) 248 Taxmann 13 [SC] Addl. CIT vs. A.L. N. Rao Charitable Trust (1995) 216 ITR 697 [SC].
In view of the above noted facts the form no 10 filed by the appellant mentioning only Buildings for two schools did not disentitle the appellant from claiming application of funds for the other objects which were charitable in nature and fell within the only object of the appellant which was solely for promoting education. Under the circumstances the application of funds is not to be restricted, and the total expenditure (revenue and capital) needs to be allowed to the appellant and exemption of income u/s 11 for the assessment year under reference deserves to be fully allowed as claimed. It is prayed accordingly.
5.1 Further, the Ld. AR reiterated its submissions before the Ld. CIT(A) and referred to Page 73 of the PB filed by the assessee or vide letter dated 10/19.03.2025, which was a ‘Consolidated statement showing receipts, expenditure and utilization ITA No.- 5275/Del/2024 Salwan Educa�on Trust towards acquisition of funds of trust and each of the school/educational institution run by yet during the financial year ended 31.03.2018.’ In column 8 of the chart showing ‘Add utilization towards assets for Educational Purposes’ an amount of Rs.5,47,45,585/- was shown as spent by the assessee in respect of the 13 schools run by it, which includes a sum of Rs.2,10,80,474/- and Rs.66,99,132/- spent towards the assets for educational purposes in respect of Salwan Public School, Gurgaon, Sector-15(II) and Salwan Public School, Trans Delhi, Signature City Loni, Ghaziabad, which was mentioned in form no. 10 for application of surplus funds arising out of assessment year 2013-14. The Ld. AR further relied upon the decision of the Hon’ble Apex Court in the case of Director of Income Tax (Exemption) vs. Daulat Ram Educational Society reported in [2006] 156 Taxman 399 (Del. HC) to submit that section 11 (2) of the Act did not prohibit to plurality of purposes if they were specified for the specified objects and charitable in nature. The Ld. AR further submitted that the Form No.10 filed by the assessee mentioning only buildings for two schools will not disentitle the assessee from claiming application of fund for other objects which were charitable in nature and fell within the only object of the assessee which was solely for promoting education. The Ld. AR further drew our attention to the finding of the AO in the assessment order in Para 4.2 where the AO noted that the assessee trust had incurred capital expenditure of Rs.5,47,45,585/- and thus, the AO does not dispute about the incurring of the expenditure of ITA No.- 5275/Del/2024 Salwan Educa�on Trust Rs.5,47,45,585/-as utilization towards assets for educational purposes, which was charitable in nature and was entitle for the benefit under section 11(2) of the Act. The Ld. AR also relied upon the other three decisions as referred in the brief Synopsis to submit that any procedural defect in form no 10 would not be fatal to exemption claim under section 11(2) of the Act.
6. The Sr. DR relied upon the orders of the authorities below.
We have heard the rival contentions and perused the material available on record. In this case, the AO did not allow the expenditure incurred by the assessee claimed to have been incurred towards assets for educational purposes amounting to Rs.5,47,45,585/- except for an amount of Rs.1,08,93,910/- and Rs.21,90,292/- totaling to Rs.1,30,84,202/- spent in respect of addition to buildings in Salwan Public School, Gurugram, Salman Public School, Tronica on the ground that in Form No.10 submitted by the assessee along with the return for AY 2013-14, it was stated that an amount of Rs.4,44,60,633/- was accumulated for the purposes of construction of building at Salwan Public School Tronica City and Salwan Public School, Gurugram whereas the expenses other than the amount of spent on the two schools in respect of eleven other schools were also claimed. The AO stated that if that amount accumulated by the assessee u/s 11(2) of the Act could not be spent for the specific purposes for which it was accumulated then the assessee had to file an application before the AO to allow to apply such income for other charitable or religious purpose in conformity with the objects of the trust which was not done by the assessee. The said finding of the AO was also confirmed by the Ld. CIT(A) as discussed earlier in this order.
ITA No.- 5275/Del/2024 Salwan Educa�on Trust 7.1 However, as submitted by the assessee in this synopsis that entire expenditure of rupees 5,47,45,585/- (revenue and capital) was incurred towards educational purposes only which was the sole object of the assessee trust which was running several schools. In this regard, the reliance by the assessee to the decision of the Hon’ble Apex Court in the case of Director of Income Tax (Exemption) vs. Daulat Ram Education Society (supra) supports of the case of the assessee that so long the expenses are incurred for the objects of the trust and which are charitable in character, the benefit admissible u/s 11 of the Act must flow to the assessee. The decision in the said case of the Hon’ble Apex Court is reproduced as under: “ 1. Heard For the reasons stated in the application which is supported by an affidavit, the delay in filing of this appeal is condoned and the application disposed of 2. The only question which the revenue proposes to raise for the determination of this court is whether the Income-tax Appellate Tribunal was correct in law in granting exemption under section 11 of the Income-tax Act despite the fact that the assessee had not mentioned any specific purpose for accumulation of its income in Form No. 10 submitted by it.
Mr. Jolly, learned counsel for the revenue argued that the purposes specified in Form No. 10 were general and did not therefore constitute a sufficient compliance with the provisions of section 11(2) of the Act. He urged that in order to be eligible for the grant of the benefit under section 11, the assessee was required to specify in clear terms the purpose for which the income was being accumulated by it. This requirement, according to him, was not satisfied by the assessee in the present case as the purposes mentioned were of a general nature 4. The Tribunal has placed reliance upon the judgment of a Division Bench of this court in CIT v. Hotel & Restaurant Association [2003]261 (TR 190. In that case also the assessee had accumulated the unspent amount for being spent on more than one purposes specified by it. The question for consideration was whether it was necessary for the 14 ITA No.- 5275/Del/2024 Salwan Educa�on Trust assessee to make a specific mention of any purpose or purposes to enable it to accumulate the Income. The court held that section 11(2) of the Act did not prohibit plurality of purposes. The court also held that the purposes which the assessee had specified formed part of its objects and were charitable in nature. The position is no different in the instant case. Here too, out of 29 purposes/objects stipulated in the memorandum of association, the assessee has specified eight purposes in Form No. 10 for which it was accumulating the unspent income while claiming benefit under section 11. It is not the case of the revenue that any of these eight purposes are not charitable or that the same do not figure in the memorandum of association. In the circumstances, just because more than one purpose have been specified and just because details about the plans which the assessee has for spending on such purposes are not given may not be sufficient to deny the exemption admissible to it under section 11. So long as one or more of the purposes specified by the assessee find place in the objects for which the society has been incorporated and so long as the said purpose are charitable in character, the benefit admissible under section 11 must flow to the assessee.
In the light of what is stated above, no substantial question of law arises for consideration. The appeal fails and is hereby dismissed.” (emphasis supplied)
7.2 Similar view has also been taken by the Hon’ble Supreme Court and respective headnote of the case law relied by the assessee are reproduced as under : 1.) Commissioner of Income Tax (exemptions) Vs Bochasanwasi Shri Akshar Purshottam Public Cable Trust (supra) “Section 11 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under (Accumulation of fund) - Assessment year 2008-09 High Court by impugned order held that lack of declaration in Form No. 10 regarding specific purpose for which funds were being accumulated by assessee-trust, would not be fatal to exemption claimed under section 11(2) - Whether Special Leave Petition filed against impugned order was to be dismissed - Held, yes [Para 8] [In favour of assessee]” 2.) Commissioner of Income Tax Vs Gokula Education Foundation “Section 11 of the Income-tax Act, 1961, read with rule 17 of the Income-tax Rules, 1962 - Charitable or religious trust - Exemption of income from property held under (Accumulation of income) - Assessment years 2009-10 and 2010-11 - High Court by impugned order held that as long as objects of trust were charitable in character and purpose or purposes mentioned in Form No. 15 ITA No.- 5275/Del/2024 Salwan Educa�on Trust 10 were for achieving objects of trust, merely because details were not furnished, assessee could not be denied benefit of exemption under section 11(2)”
7.3 As discussed above the sole object of the assessee trust is running of educational institution which is charitable in nature and, therefore, relying upon the above decisions the claim of the assessee for expenditure amounting to Rs. 5,47,45,485/- towards the capital and revenue expenditure in respect of thirteen schools run by the trust and as per the details submitted by the assessee on page 73 of the Paper Book as referred above is held to be application towards charitable purposes and we hold that the benefit of section 11(2) of the Act flows to the assessee. As noted above, the AO had accepted that the amount of Rs. Rs.5,47,45,485/- towards capital expenditure which was also noted by the Ld. CIT(A) in its order. However, as noted by the AO in Para 6.1 of the order that though the assessee had submitted that an amount of Rs.2,10,80,474/- and an amount of Rs.66,99,132/- were spent during the year of capital assets for Salwan Public School and Salwan Public School, Tronica but on verification of the fixed asset, schedule, depreciation chart, the addition to the building during the year was noted by the AO for an amount of Rs. 1,08,93,910/- and an amount of Rs.21,90,292/- were spent during the year of capital assets for Salwan Public School and Salwan Public School, Tronica. Therefore, in principle we agree with the submission of the assessee that entire amount of Rs.5,47,45,485/- was eligible as spent for the charitable purpose ITA No.- 5275/Del/2024 Salwan Educa�on Trust subject to verification of incurring of expenses by AO. The AO is directed to allow the appeal of the assessee, accordingly. 7.4 Ground nos. 1, 2, and 3 of the appeal are allowed as indicated above.
In the result, the appeal of the assessee is allowed as above.
Order pronounced in the open court on 12th December, 2025.