2012 (3) TMI 542

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....the Act). Subsequently, a revised was also filed declaring a loss of Rs. 9,73,45,636/-. After processing of the return 143(1) of the Act the case was selected for scrutiny. Accordingly, statutory notices u/s. 143(2) and 142(1) of the Act were issued and duly served on the assessee. In compliance with the statutory notices the assessee's authorized representative attended from time to time and submitted various details and explanations. On perusal of the assessment record, the AO observed that the objects of the Trust remain unchanged. The trust is registered with the Charity Commissioner, Mumbai and also registered u/s 12A of the Act. Certificate u/s 80G of the Act has also been granted by the DIT(E), Mumbai. The AO further observed that ce....

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....ived from Shapporji Pallonji Trust the cost of which was Nil to the assessee trust, and claiming the value of the same assets as expenditure for purchase and application of income, when no such income was taken into account and as such double deduction as claimed is contrary to the legal principles as laid down in the decision of Hon'ble Supreme Court in the case of Escorts Ltd. v/s Union of India 199 ITR 43. 3. On the facts and in the circumstances of the case, and in law, the Learned Commissioner of income Tax (Appeals) erred in law and facts by allowing exemption u/s 10(23C)(via), when the assessee is not satisfying the conditions laid down in sec. 10(23C)(via), as far as income received by gift of Rs. 5,66,68,898/- is concerned....

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....f AO be restored. 6. On the other hand, the ld. Counsel for the assessee submits that since the approval has been granted u/s 10(23C) (via) of the Act by the prescribed authority i.e. CBDT, the order passed by the ld. CIT(A) be upheld. 7. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. We further find that the Assessee hospital has received an order u/s 10(23C)(via) dated 31.3.2009 bearing F.No. CCIT/Mum/10(23C)(via)/235/2008- 09, Government of India, Ministry of Finance, Department of Revenue, Chief Commissioner of Income Tax, Mumbai, exempting the hospital u/s 10(23C) (via) from Assessment year 2000-01 and onwards until withdra....