2021 (10) TMI 830

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....e receipt on account of development fund in the Income and expenditure Account rather it was taken directly to balance sheet. 2. On the facts and in circumstances of the case and in law, Ld. CIT(A) has erred in ignoring the fact that the assesses like any charitable or religious institutions are governed by almost the separate or independent provisions of section 11, 12, 12A, 12AA & 13 and these provisions are independent code in itself in chapter III of the Income Tax Act, 1961. The Income and Expenditure is computed on the basis of application of income for charitable or religious purposes and the deduction is allowed of the entire expenditure including the capital expenditure for purchase of capital assets u/s. 11(1). 3....

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....sessing Officer passed assessment order dated 10/3/2016 thereby making addition of Rs. 88,15,950/- towards development fund, Rs. 10,93,42,735/- as regards total receipts and thus assessed the income at Rs. 9,90,08,122/- less: (Expenditure allowed as per I & E account excluding depreciation). 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. As regards Ground No. 1 to 3, the Ld. AR submitted that the same is covered in favour of the assessee by the order of Tribunal as well as by the decision of the Hon'ble High Court in assessee's own case for Assessment Year 2012-13 vide order dated 8/4/2015 in ITA No. 424/2014. As regards Ground N....