TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 154
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.... reason that for the year under consideration assessee has not furnished copy of certificate of registration u/s 12A of the Act and fresh registration certificate submitted by the assessee is for the period AY 2022-23 to 2026-27 ignoring that (i) assessee has furnished sufficient documentary evidences to establish that it is registered u/s 12AA of the Act (ii) fresh registration u/s 12A(1)(ac)(i) of the Act could be granted only when the trust or institution is registered u/s 12AA of the Act and (iii) Hon'ble ITAT in assessee's own for AY 2017-18 where also exemption u/s 11 was denied for similar reason has allowed the appeal of assessee. 2. The Ld. Addl. CIT(A) has erred on facts & in law in upholding the action of AO in treating ....
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....directly credited to corpus fund account. The donation receipt provided by the assessee are manipulated by inserting the word corpus fund at a later stage and therefore he considered amount of Rs. 30,19,100/- as voluntary donation. Further by referring to section 2(15) of the Act it is observed that assessee declared receipt of Rs. 16,45,911/- out of total receipt of Rs. 64,80,355/- as received for professional services rendered to M/s Sigma Electric Manufacturing Corp. Pvt. Ltd. on which TCS u/s 194J was deducted by the creditor and such receipt is more than 20% of the total receipt. Accordingly, by not allowing exemption u/s 11& 12 of I.T, Act, AO assessed the total income at Rs. 26,35,660/- computed as under: - Net deficit as per Inco....
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.... submitted that receipt of Rs. 16,45,911/- is for medical services rendered to M/s.Sigma Electric Manufacturing Co. Pvt Ltd. and it is not a commercial receipt. ''1. At the outset it is submitted that though the assessee could not place on record the registration certificate issued u/s 12AA of the Act but it has placed on record the approval certificate u/s 80G of the Act which was issued on the same date on which registration u/s 12AA of the Act was granted by the CIT-II, Jaipur. It may be noted that approval u/s 80G cannot be granted unless a trust or institution or society is registered u/s 12AA of the Act as mandated by sub-clause (i) of sub-section 5 of section 80G. It may also be noted that the AO in the assessment order pass....
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....ion of income: - i. Revenue expenses as per I&E A/c excluding depreciation 62,37,417 ii. Capital expenditure as per Fixed assets schedule 21,09,490 Total application 83,46,907 Percentage of application 87.87% From the above it can be noted that assessee has applied 87.87% of its receipt for charitable purpose and therefore after considering the exemption u/s 11, the total income of the assessee would be Nil. The Ld. CIT(A) has relied on the decision of Hon'ble Supreme Court in case of Goetze India Ltd. Vs. CIT but this decision is not applicable on facts as assessee is making an alternate claim that even if corpus donation is considered as voluntary....
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....20225 for the assessment year 2017-18 wherein the bench has given allowed the appeal of the assessee by giving following observations. ''5. We have heard the rival submissions, perused the material on record and gone through the orders of the lower authorities. We note that AO has denied exemption u/s 11 to the assessee for the reason that it has not submitted registration certificate u/s 12AA of the Act and thus computed the total income Rs. 7,69,088/- by considering the corpus donation as part of gross receipt and disallowing the claim of application on account of capital expenditure. The Ld. CIT(A) has upheld the order of AO for the reason that assessee could not establish whether it is approved for exemption and if so, whether ....
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....firming the addition to the tune of Rs. 30,19,100/- by the lower authorities, the ld. AR submitted that even if the corpus donation is considered as voluntary donation, the assessee has applied more than 85% of its receipt for charitable purpose whose details are as under:- Total receipts as per Income & Expenditure Account 64,80,355 Corpus donation 30,19,100 Total receipts available for application 94,99,455 Application of income: - iii. Revenue expenses as per I&E A/c excluding depreciation 62,37,417 iv. Capital expenditure as per Fixed assets schedule 21,09,490 Total application 83,46,907 Percentage of application ....