2017 (2) TMI 1242

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....st the order passed by the CIT(A), Ghaziabad on 29.5.2015 in relation to the assessment year 2011-12 on the following concise grounds:- 1. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 25,37,255/- on account of hostel surplus fee receipts by treating it as business income in th....

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....o add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds are without prejudice to each other. 2. The brief facts of the case are that the assessee is a charitable society/trust registered under the Society Registration Act, 1860 w.e.f. 25.7.2008. The society was granted u/s. 12AA of the Income Tax Act, 1961 on 21.12.2011 by the Ld. CIT, Ghaziaba....

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....authorities have wrongly made the addition of Rs. 25,37,255/- on account of hostel surplus fee receipts by treating it as business income in the hands of the assessee u/s. 11(4)/11(4A) and that too by recording incorrect facts and findings and without observing the principles of natural justice. He further stated that the lower authorities confirmed the disallowance of depreciation Rs. 1,01,41,449....

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....Ld. CIT(A) and the order of the Hon'ble High Court of Delhi in the case of Director of Income Tax (Exemption) vs. Indraprastha Cancer Society reported in [2015] 53 taxmann.com 463 (Delhi), wherein the Hon'ble Delhi High Court has held that where a charitable institution, which has purchased capital assets and treated amount spent on purchase of capital asset as application of income, is entitled t....