TaxTMI 
TaxTMI 
2023 (2) TMI 919
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....rief facts of the case are that the assessee is a trust engaged in solely proving educational services to students at Montessory, primary and high school level under the name and style of Red Caramels. It is formed as a public charitable trust and registered with Registrar of the State Government in the year 2012. Trust was granted registration u/s 12A w.e.f the asst. year 2020-21. The trust was not registered u/s 12A for the impugned assessment year under appeal. 4. The assessee filed return of income 29.12.2017 declaring "income from other source" of Rs. 5,59,551/- and the same was processed u/s 143(1)(a) of the I. T. Act. 1961 by disallowing of depreciation of Rs. 18,08,848/- .Aganist this order the assessee filed rectification applicat....
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.... which is as under:- 1) Poona Club Ltd., Vs. ACIT [2018] 90 taxmann.com 422 (Pune Trib.) 2) Sports Authority of Gujarat Vs. DICT [2022] 139 taxmann.com 514 (Ahmedabad Trib.) 3) Saurashtra Kutch Stock Civil Appeal No.1171 of 2004 4) CIT Vs. Socity of the Sisters of St. Anne [1981] 146 ITR 28 Kar 8. The ld.DR relied on the order of the lower authorities and submitted that there is no provision in the Income Tax Act for granting deprecation except specified in sec. 57 of the Act. The receipt of the truest is more than Rs. One crore, accordingly it is not eligible for exemption as per section 10(23C)(iiiad). 9. After hearing both the sides and perusing the entire materials on record I noted that the assessee is a trust and running sch....
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.... Act. The income should be computed in the manner provided as per chapter IV, computation of total income. I want to reproduce the section 14 of the Act which is as under:- Heads of income. 37 14. Save as otherwise provided by this Act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income :- A.-Salaries. B.-38[***] C.-Income from house property. D.-Profits and gains of business or profession. E.-Capital gains. F.-Income from other sources. The above heads of income has specified the manner & procedure for calculating the total income after considering the relevant sections/provisions of the Act. Since the assessee's activities falls und....
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....the interest of substantial justice, we deem it expedient to restore the issue to the file of the Assessing officer with a direction to pass appropriate orders deleting the addition / disallowance after duly considering the settled judicial position in this regard, which have been decided in the three cases as enumerated above in Para 5." During hearing, we have apprised both sides about this recent decision of the Hon'ble Co-ordinate Bench. 10. Therefore, respectfully following the decision of Hon'ble Co-ordinate Bench, we are inclined to accept the request of assessee. Therefore, Ground No. 2 is allowed." 12. Since the issue before me is also the same as decided by the coordinate bench of the Tribunal, the CIT(A) as dismissed appeal of....