TaxTMI 
TaxTMI 
2021 (8) TMI 285
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....e Tax Act, 1961. 3. In the facts and circumstances of the case and in law, the ld. CIT(A) has erred in giving the findings that the development receipts would be taxable as in the case of AOP and the AO made draw receipt and expenditure account for the taxation of the same by ignoring the decision of the Hon'ble ITAT. 4. The assessee craves your indulgence to add, amend or alter all or any grounds of appeal before or at the time of hearing." 2. The hearing of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. 3. Grounds No. 1 to 3 of the appeal are interrelated and interconnected and relates to challenging the order of the ld. CIT(A) in passing order U/s 154 of the Act, therefore we thought it fit to dispose off by this consolidated order. 4. As per the facts of the present case, assessment order for the year under consideration was passed on 18/11/2016 thereby making addition on the following counts: (i) Addition of Rs. 5,22,21,300/- treating the revenue receipts whereas these receipts are development receipts. (ii) Addition of Rs. 23,16,700/- (Registration Receipts of Rs. 31,92,0....
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....mption u/s 10(23c) of the Act is factually incorrect and therefore, impugned assessment appears to be made on past history and without application of mind. The various conditions for claiming exemption under Section 11 of the Acts are listed as follows:- (a) The Trust or institution must be created wholly for charitable or Religious purpose. (b) It must be registered with the Commissioner of Income Tax under Section 12AA of the Act. (c) The Property should be held under trust. (d) Separate Books of Account should be maintained if Trust or Institution earns Profit or Gains from Business Undertakings held by trust for attainment of objects of trust/institution. (e) The income of the trust shall be applied in accordance with the Provisions of section 11 & 12 of the Act. (f) The books of accounts should be audited if total income before giving effect of Section 11 or 12 of the Act exceeds maximum amount not chargeable to tax. (g) The funds of the trust should be invested/deposited as per Section 11(5) of the Act. It is clearly established from the return of income of the Appellant that it has claimed exemp....
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....h was drawn on various Assessment orders. 7. On the other hand, Learned D/ R stated that the issue may be decided on merit. 8. After considering the submissions and perusing the material on record, we find that assesses deserves to succeed in this ground. We have seem various assessment orders for earlier gears, copies of which are placed on record and found. That the respective assessing officers had allotted the net deficit to be carried forward in the respective assessment order. Therefore, there is no reason in not allowing the benefit of quantified carry forward losses/deficit. Accordingly, we direct the AO to allow the benefit of quantified carry forward losses to the assessee against the income of the assessee." Thus, the finding of the Ld. AO that the issue relating to Section 10(23C) of the Act has been decided in favor of the revenue by the Hon'ble Tribunal of Jaipur and the same was not challenged in higher Courts is incorrect and not as per the true facts of the case. Further, Arriving at a conclusion by the Ld. AO regarding denial of exemption u/s 10(23C) of the Act for the year under consideration is not relevant for the facts of the pre....
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....n for the benefit of any person referred to in sub-section (3) insofar as such use or application relates to any period before the 1st day of June, 1970; (d) in the case of a trust for charitable or religious purposes or a charitable or religious institution, any income thereof, if for any period during the previous year- (i) any funds of the trust or institution are invested or deposited after the 28th day of February, 1983 otherwise than in any one or more of the forms or modes specified in subsection (s) of section 17; or (ii) any funds of the trust or institution invested or deposited before the 1st day of March" 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; continue to remain so invested or deposited after the 30th day of November, 1983; or (iii) any shares in a company, other than- (A) Shares in a public sector company; (B) Shares prescribed as a form or mode of investment under Clause (xii) of sub-section (5) of section 11, are held by the trust or institution after the 30th day of November 1983" Section 13(1)(d) of the Act further states that the exempti....
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....xemption u/s 11 & 12 of the Act. In view of the above, the Appellant should be allowed exemption u/s 11 of the Act and impugned addition of Rs. 3,64,74,233/- be deleted. 6. FAVORABLE DECISION BY THE LEARNED CIT(A) IN ASSESSEE'S OWN CASE IN PRECEDING YEARS: - It is submitted that in the same facts and circumstances the Learned Assessing Officer in the Assessment Year 2013-14 has also not allowed the exemption u/s 10(23C) of the Income Tax Act, 1961. The exemption u/s 11 & 12 was allowed by the Learned CIT(A) vide their order in ITA No. 283/2015-16 dated 30.11.2016 for Assessment Year 2013-14. Copy of order is placed on paper book page no. 36 to 47 wherein the learned CIT(A) has specifically allowed exemption u/s 11 and 12 of the Act on internal page 19 of the order page book page no. 45 in last para which reads as under:- "In view of the facts and circumstances of the case as discussed above and duly considering the case laws relied upon by the assessee and remand report and rejoinder filed, I am of the considerate view that as there is no violation of section 13(1) of the Act, exemption u/s 11 & 12 of the Act is allowable to the assessee whic....
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....also deliberated upon the judicial pronouncements cited by both the parties. As per facts of the present case, the A.O. had made additions in the case of assessee by relying upon the facts of the A.Y. 2013-14 and allowed exemption U/s 10(23C) of the Act. However, even in the assessment year 2013-14, exemption U/s 11 and 12 of the Act was allowed by the ld. CIT(A) vide order dated 30/11/2016 in ITA No. 283/15-16. The copy of the order has also been placed on record at page No. 36 to 47 of the paper book. In the said order, the ld. CIT(A) has specifically allowed exemption U/s 11 and 12 of the Act and the relevant portion of the order of ld. CIT(A) is as under: "In view of the facts and circumstances of the case as discussed above and duly considering the case laws relied upon by the assessee and remand report and rejoinder filed, I am of the considerate view that as there is no violation of section 13(1) of the Act, exemption u/s 11 & 12 of the Act is allowable to the assessee which is also registered u/s 12AA of the Act." 10. Aggrieved by the order of the ld. CIT(A), the Revenue has filed an appeal before the Coordinate Bench of this Tribunal and the Coordinate Bench ha....