TaxTMI 
TaxTMI 
2021 (4) TMI 107
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....ommon order for the sake of convenience and brevity. ITA No. 3696/DEL/2019 [Assessee's appeal] 2. The grievance of the assessee reads as under: 1. That on the facts and in the circumstances of the case and in law, the action of the Ld. CIT(A) in holding that the assessee Trust is disentitled to the exemption u/s. 11(1 A) of the Income-tax Act, 1961 on the capital gains merely because it was posted under a wrong head in the return of income is arbitrary, erroneous, unfair and unjust and must be quashed with directions for the relief; 2. That the action of Ld. CIT(A) in not granting the exemption for the capital gain despite the fact that the same stood reinvested in capital assets being erroneous and unlawful must be quashed with d....
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....IT(A) ought to have considered the claim regarding investment in mutual funds. Since no such verification has been done, we deem it fit to restore the issue to the file of the Assessing Officer. The assessee is directed to demonstrate that the sale proceeds have been invested in acquisition of new capital assets in nature of mutual funds. The Assessing Officer is directed to verify the same, and when satisfied, allow the claim of the assessee. 7. The appeal is allowed for statistical purposes. ITA No. 3696/DEL/2019 [Revenue's appeal] 8. The grievance of the Revenue reads as under: "1. On the facts and in the circumstances of the case and in law, the action of the Ld. CIT(A) in holding that the income of the society are not covered ....
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....elevant findings of the ld. CIT(A) read as under: "4.1.3 While deciding the appeal in appellant's own case for assessment year 2014-15 (Appeal No. 339/2016-17), it had been held by me as under: "4.1.2 I have considered the assessment order and the submissions of the appellant. I have also perused the orders under section 143(3) in the past wherein on similar facts exemption has been allowed to the appellant. The only reason why exemption has been denied to the appellant is that the expenditure incurred on school is very low. No other facts have been brought on record in support of the contention that no charitable activity in the form of providing preparatory/kindergarten education is provided to children of poor and economically ba....
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....ect of the rental income, there was no just reason for disallowing the relief claimed for the relevant assessment year when no fresh materials were brought in this year for coming to a different conclusion. 4.1.4 In the case of the asses see also there is nothing on record to suggest that the assessee is not carrying out any activity since the assessee is not charging the students for carrying out education activity. It is also noted that in the past, exemption has been allowed in respect of rental income and there appears to be reason for disallowing the exemption for the assessment year under consideration wherein no new facts have been brought on record. It is to be noted that even in the past the school expenses were minimum and no in....