TaxTMI 
TaxTMI 
2020 (12) TMI 499
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.... of Learned Assessing Officer disallowing claim of donation made u/s 35AC of the Act to the tune of Rs. 50,00,000/-. Appellant submits that in view of the facts and circumstances of the case as well as in law, the said disallowance of claim by Learned Assessing Officer of Rs. 50,00,000/-which is confirmed by Learned CIT (Appeals) is bad in law and deserves to be deleted. 2. Learned Commissioner of Income Tax (Appeals) erred in confirming the action taken by Learned Assessing Officer in passing order u/s 143(3) as against section 153C r.w.s 143(3) of the Act as claimed by the Appellant. Appellant submits that Assessment Order of the Assessee ought to have be passed u/s 153C r.w.s. 143(3) of the Act. Appellant submits that i....
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.... on 25.03.2015 declaring total income at Rs. 64,53,259/-.The assessment was completed u/s. 143(3) on 13/01/2016 by determining the total income at Rs. 64,53,259/-, as per the revised return. In the course of assessment assessing officer observed the assessee company is a registered Stock Broker on NSE and BSE and OTCE and also involved in the activities of finance. The assessee has credited income of Rs. 67,66,667/- which consists of Commission received of Rs. 100,000/- and income from other sources i.e., Profit of Sale of Office Premises of Rs. 64,89,636/-, Interest received of Rs. 22,500/-, Interest received on fixed deposit of Rs. 154,531/-. Out of which deduction u/s 80GGA i.e. deduction in respect of certain donations of Scientif....
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....323 (Mum-ITAT) • Motilal Dahyabhai Jhaveri vs. ACIT 2019 (4) TMI 1615 (Mum-ITAT) • Gujarat Agrochem Pvt Ltd vs. ACIT 2019(6) TMI 1048 (Mum-ITAT) • Shyam Sunder Co. Jewellers vs. ACIT 2019(5) TMI 22 (Kol-ITAT) • National Leather Cloth Manufacturing Co. vs. Indian Council of Agricultural Research 241 ITR482(Bom-HC) • Avis Life Care Pvt Ltd vs. DCIT ITAN0.989/JP/2018 7. Per contra learned departmental representative relied upon the orders of authorities below. 8. Upon careful consideration we find that in identical situations donation to the identical trust based upon same search has been held to be allowable by the ITAT in the above said decisions. We may refer to the deci....
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....ble trust it has been found that it has been incurring only bogus expenditure. This led to the presumption of the assessing officer that the said sum of Rs. 500,000 has actually come to the assessee clandestinely. In my considered opinion it is undisputed that assessee has submitted the receipt for the donation. The same has been paid by banking channel. There is no evidence on record that the same amount has been received back by the assessee from the said charitable trust. In these circumstances in my considered opinion this addition is solely based on surmise and conjecture and not sustainable in law. Accordingly I set aside the order's of authorities below and delete the addition." 9. Since facts identical and it has not bee....