TaxTMI 
TaxTMI 
2018 (4) TMI 630
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....er of the learned CIT(A) is contrary to the law and facts of the case. 2.1 The Id. CIT (A) erred in holding that the case of the assessee is not covered by the 1st proviso to Sec. 2 (15) of the I.T. Act and that provisions of Sec. 13(8) of the I.T. Act., are not attracted in the assessee's case. 2.2 The Id CIT(A) failed to appreciate the fact that the assessee's prime object is to protect the interests of its members who are industrialists, Micro and Small Enterprises and the said object is an object of general public utility. 2.3 The Id CIT(A) failed to appreciate that the receipts from conducting exhibitions to the benefit of the trading community and the public is an activity of 'general public util....
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....when the Income-tax Act does not recognise such distinction except u/s 11 (4A), While it is not the case of the assessee that it is covered u/s 11(4A). 4.1 The Id. CIT (A) erred in holding that the registration has not yet been cancelled by the CIT and in view of the fact the assessee is eligible to claim exemption u/s 11 & 12 of the I.T. Act. 4.2 The Id. CIT (A) failed to observe that the assessee is not eligible to claim exemption u/s 11 of the I.T. Act when the activities are attracted by the amended provisos to Section 2 (15) of the I.T. Act, even if the registration is not cancelled . 5. For these and other grounds that may be adduced at the time of hearing, it is prayed that the order of the learned Commissi....
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.... 48,148 3 M. IHE Rs. 75,95,891 4 M. Print -n-pack Rs. 69,331 5 Meditssia Ayush Rs. 17,866 6 M. Bic Rs. 1,68,596 Total 93,01,047 Assessment year 2011-2012:- Sl.No Name of the activity Receipt 1 Maditssia Hall Rent Rs. 8,32,321 2 M. Indexpo Rs. 48,77,706 3 M. IHE Rs. 87,90,219 4 M. Print -n-pack Rs. 39,54,581 5 AIMO Rs. 31,810 6 M. Bic Rs. 1,81,380 Total Rs. 1,86,68,017 Relying on the judgment of Hon'ble Apex Court in the case of Lok Shikshana Trust vs. CIT, 101 ITR 234 and Indian Chamber of Commerce vs. CIT 101 ITR 797, ld. Assessing Officer held that assessee, though it was pursuing an activity which was g....
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....1712/Hyd/2014, dated 30.06.2015). 5. Ld. Commissioner of Income Tax (Appeals) after considering the above submissions of the assessee held that assessee was having as its main object promotion of micro and small industries. According to him, activities like conducting exhibitions, conferences, seminars etc, were part of such main object which was promoting micro and small scale industries. As per the ld. Commissioner of Income Tax (Appeals) the dominant purpose of the assessee was one of general public utility and the activities like conducting exhibitions, conference etc to pursue the dominant object would not disable it from claiming exemption under Sections 11 & 12 of the Act. According to him, assessee, through its activities like co....
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.... and perused the orders of the authorities below. Objects of the assessee as per its trust deed are as under:- i) To promote and protect the Micro and Small Enterprises in Madurai District. ii) To take all steps to protect and promote the general interests of the persons engaged in Micro and Small Enterprises in Madurai District. iii) To consider and formulate opinions upon all matters connected with the Micro and Small Enterprises in Madurai District. iv) To collect, classify and circulate statistics and other information relating to commercial interests in general Micro and Small Enterprises in particular. v) To promote beneficial and other measures relating to the Micro and Small Enterprises a....
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....otal 18,668,019.67 When the above income and expenditure account is read alongwith the objects of the assessee society, what we find is that substantial portion of the income of the assessee came from stall charges, seminars, subscriptions and sponsorship. Asset base of the assessee was very small. However, it was holding substantial receivable of G24.83 lakhs and cash at bank of G18.79 lakhs as on 31.03.2010. Receivables as on 31.03.2011 came to G33.86 lakhs and cash at bank was G19.95 lakhs. In our opinion the question that ought have been addressed by the ld. Assessing Officer was whether the activities of the assessee as reflected in its income and expenditure accounts and its statement of affairs as reflected in the Balance....