2014 (11) TMI 1111

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ati Soparkar JUDGMENT K. S. Jhaveri, J. 1. Being aggrieved and dissatisfied with the impugned judgment and orders passed by the Income Tax Appellate Tribunal, Rajkot Bench (hereinafter referred to as 'the Tribunal') dated 03.08.2004 in ITA Nos. 15/Rjt/04, dated 01.07.2004 in ITA No. 194/Rjt/04, 192/Rjt/04, 195/Rjt/04, order dated 02.07.2004 in 647/Rjt/03, 648/Rjt/03, 649/Rjt/03, 199/Rjt/0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the Act could lose exemption?" 2. The assessee trust had filed its return of income for the assessment years in question declaring its total income as NIL. During the course of assessment proceedings the Assesing Officer found that the trust had invested amount in Gujarat Lease Finance Ltd (GLFL) and claimed exemption u/s 11(5). The Assessing Officer was of the opinion that the investment m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... income earned from the investments would not qualify for exemption u/s 11 of the Act. 4. Mr. Soparkar, learned advocate appearing for the respondent supported the impugned order passed by the Tribunal and submitted that the Tribunal has not committed any error in passing the same. He submitted that in fact in view of the decision of the Bombay High Court in the case of Director of Income-tax (....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed by CIT(A). The CIT(A) has very clearly observed that the provisions of Section 11(1)(a) are very clear and provide that the income derived from the property held under trust shall not be included in the income to the extent it is applied for the charitable or religious purposes (expenses incurred during the year) or accumulated/set apart to be applied for that purpose in future out of 75% to wh....