TaxTMI 
TaxTMI 
2015 (6) TMI 556
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.... involving element of income chargeable to tax. Thus, on facts and in law, the subsidy received by the appellant, not bearing character of Revenue receipt, could not be made the basis for computation of income assessable to tax. 2. That in addition to the Grant-in-aid, the appellant derived income from interest on deposits with the Bank which was also not chargeable to tax in view of the decision of Hon'ble Karnataka High Court 284 ITR 582 (Karn). 3. That in the course of Research Activity, the appellant incurred Revenue expenditure as well as Capital expenditure. The aggregate expenditure under the two heads was liable for deduction out of the subsidy receipts. 4. That the surplus representing difference between the subsidy receipts....
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....61 w.e.f. 01.04.98 vide notification dated 10.04.08 of the Government of India, Ministry of Finance, Department of Revenue, CBDT. The return of income for the above noted assessment year has been furnished on 23.12.08 in the 0/0 ACIT, Circle-2, Dehradun. The return has been processed u/s 143(1) of the Income Tax Act, 1961 under the DCR No. 1455/08-09 on 29.01.09. The case has been selected for compulsory scrutiny as per guidelines of the CBDT issued in respect of F.Y. 2008-09. Accordingly, notices u/s 143(2) of the Income Tax Act, 1961 were issued on 29.04.08 and 23.04.09 which were duly served on the assessee as per record. Notice u/s 142(1) of the Income Tax Act, 1961 was issued on 29.07.09 by the DCIT, Circle-2, Dehradun who has jurisdic....
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....itions of section 11 (2) of the Income Tax Act, 1961 read with Rule 17 of Income Tax Rules, 1962 because as such Form No. 10 is to be delivered to the prescribed authority before the expiry of time allowed under sub-section (1) of section 139 of the Income Tax Act, 1961 for furnishing the return of income and the date for furnishing of return of income in assessee's case for A.Y. 2007-08 had expired on 02.11.07 whereas the return of income has been furnished by the assessee on 23.12.08. The assessee has not elaborated upon the facts and circumstances relating to late submission of income tax return as well as Form No. 10 stating that the same are similar as in the preceding assessment year. It is noticed that in the A.Ys 2003- 04, 2004-....
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....ds, especially the orders of the revenue authorities and we are of the view that the AO has denied the exemption u/s. 10(21) of the I.T. Act to the assessee on the ground that the assessee has failed to furnish the Form 10 within time and get the delay condoned from the Competent Authority. The Ld. CIT(A) held that the AO was not correct in denying the benefit to the assessee merely on the ground that the assessee has not filed the Form No. 10 within time before the prescribed authority, because it was approved for the purposes of section 35 of the I.T. Act, and there is nothing on record to suggest that it violated any of the other conditions for exemption, its eligibility for exemption u/s. 10(21) of the I.T. Act is otherwise not in dispu....