Capital gain applied for charitable purpose ‐Not by acquiring a new asset but for other charitable purpose – Claim for exemption is allowed

If capital gain is applied for charitable purpose of assessee not by acquiring a new asset but for other charitable purpose, then there is no reason why it should not be considered as application of income for
charitable purpose enabling assessee to claim exemption under section 11(1). (AY 2006‐07)
Al Ameen Education Society v. DIT (Ex) (2012) 139 ITD 245 (Bang.)(Trib.) (2006‐07