2020 (3) TMI 1500

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....l: - "1) The Learned Commissioner of Income Tax (Appeals) ("Ld. CIT(A)") erred in passing the order u/s. 250 of the Income Tax Act, 1961 without giving an opportunity of being heard to your Appellant thereby violating the principles of natural justice. Looking to the facts and circumstances of appellant's case and in law, it is submitted that vide letter dated 09/10/2019 your appellant had requested the Ld. CIT(A) for a short adjournment as the concerned authorized person was out of India. Without prejudice to the above: 2) The Ld CIT(A) erred in confirming the action of the Learned Assessing Officer ("Ld. AO") that activity of providing protection and benefit of the members of the public who invest and deal in securit....

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....llow the benefit of section 11 of the Income-tax Act 1961 on amount of Rs. 1,07,50,673/- spent on these objects. 3. The Ld. CIT(A) erred in confirming the action of the Ld AO that your Appellant is for the benefit of related party as mentioned in section 13(3) of the Act, 1%1 and thereby rejecting the claim of exemption under Section 11 of the Income-tax Act 1961. Your Appellant submits that looking to the facts and circumstances of your Appellant's case and in law; it is submitted that your Appellants has paid compensation in respect of claim against defaulting members of the Exchange during the year and has not applied its income directly or indirectly for the benefit of any person referred to in Section 13(3) and therefore t....

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....the Ld AO who considered the Corpus Contributions received from the Exchange as not Voluntary Contribution. Your appellant submits that looking to the facts and circumstances of your Appellant's case and in law, the said Contributions received from the Exchange are corpus contributions as per the letters received from the Exchange. The Ld AO therefore be directed to consider the said amount as Corpus contributions being exempt u/s. 12(1) of the Income Tax Act, 1961. Your appellant further reserves the rights to add, amend or alter the aforesaid grounds of appeal as they may think fit by themselves or by their representatives." 3. The brief facts of the case are that the appellant is a trust registered with DIT(E), Mumbai u/s 12A unde....