Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT allowed the assessee-trust's appeal, holding that an additional legal claim for exemption u/s 10(23C)(iiiad) can validly be raised for the first time in appellate proceedings, and that CIT(A) had misapplied the ratio of Goetze (India) Ltd. ITAT ruled that registration of the trust is not a precondition for exemption where receipts from educational activities do not exceed Rs. 1 crore, in line with s.10(23C)(iiiad). Consequently, the order of CIT(A) was set aside and AO was directed to delete the addition. In view of allowing the main exemption claim, ITAT found it unnecessary to adjudicate the alternative plea regarding taxation of net income instead of gross receipts.
ITAT allowed the assessee-trust's appeal, holding that an additional legal claim for exemption u/s 10(23C)(iiiad) can validly be raised for the first time in appellate proceedings, and that CIT(A) had misapplied the ratio of Goetze (India) Ltd. ITAT ruled that registration of the trust is not a precondition for exemption where receipts from educational activities do not exceed Rs. 1 crore, in line with s.10(23C)(iiiad). Consequently, the order of CIT(A) was set aside and AO was directed to delete the addition. In view of allowing the main exemption claim, ITAT found it unnecessary to adjudicate the alternative plea regarding taxation of net income instead of gross receipts.
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