2020 (10) TMI 254

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....in I.T.A.No.970/MDS/2014, passed by the Income Tax Appellate Tribunal, 'C' Bench, Chennai (for brevity "the Tribunal") for the assessment year 2010-11. 2. The appeal was admitted on 22.11.2019 on the following substantial question of law:- "Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in disallowing the investment in gold bullion by the appellant and treating the same as a violation of Section 11(5) of the Income Tax Act, 1961?" 3. We have elaborately heard Ms. T.C.A. Sangeetha, learned counsel for the appellant/assessee and Mr. J. Narayanaswamy, learned Senior Standing Counsel appearing for the respondent/Revenue. 4. The assessee is a registered Public Charitab....

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....ribution of prizes and awards to meritorious students could not be substantiated with evidence by the Trust by way of name of student, address, etc. 5.3. The ld CIT(A) failed to appreciate that similar investment in Joyalukkas in the form of 26 gold coins weighing 50 gms each and the assessee could not substantiate with evidence that the said investments were utilised for the purpose of gold metals either in the current year or in the subsequent year (Asst. Year 2011-12). 5.4. The ld CIT(A) ought to have appreciated that in the final accounts of Asst. Year 2011-12, the said investment in gold towards purchase of gold medals were not shown as application of income. 5.5. The ld CIT(A) ought to have appreciated the f....