THE COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. THE TIBETIAN CHILDREN VILLAGE

Accordingly the same are dismissed alongwith pending

Bench: HONOURABLE THE CHIEF JUSTICE MAMIDANNA SATYA RATNA SRI RAMACHANDRA RAO,HON'BLE MR. JUSTICE AJAY MOHAN GOEL

263/- shown in the balance sheet of the assessee as earmarked funds under the head "Fund Pending Utilization" ought to have been included in the income of the assessee, and there was a shortfall in utilization of income to the extent of 85% resulting in taxability of income of the assessee which had allegedly escaped assessment. It held that

THE COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. THE TIBETIAN CHILDREN VILLAGE

Accordingly the same are dismissed alongwith pending