The Commissioner of Income Tax - IV vs. M/s. Mekins Agro Product (P) Ltd.

charitable institution, say has income from property held underTrustof Rs.1,00,000/-. As per mandate of clause 'a', 85% of the said amount i.e. Rs.85,000/- should be spent in the said financial year. The said assessee spends and acquires a capital asset for Rs.50,000/-. The purchase price for acquisition of the capital asset i.e. Rs.50,000/- is treated