2026 (5) TMI 1402

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.... of the Id. CIT(A) is contrary to the law and facts of the case 2. Whether the Id. CIT(A) was right in holding that the assessing officer was not justified in disallowing the claim of the assessee during the assessment proceedings. The assessee has offered an income of Rs. 2 crores as voluntary donation received in the original return of income filed on 30.10.2018 and in the revised return of income filed on 29.03.2019. But during the course of scrutiny proceedings with an after thought has stated that Rs. 2 crores were advance received during the previous years and the same was written back. Also, the assessee has not produced any material evidence suggesting that the same has been written back. The Ld CIT(A) has not gone into det....

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....s formed with objects of conducting Motor Car and Two Wheeler racing and other allied activities. It is duly registered under the 12A(a) of the Income Tax Act. The Return of Income for the Assessment Year 2017-18 was filed on 30.10.2018 disclosing NIL income after claiming examination u/s. 11 of the Income Tax Act. Against the said Return of Income, the assessment was completed by National e-Assessment Centre, Delhi (hereinafter called 'AO') vide order dated 10.03.2021 passed u/s. 143(3) read with section 143(3A) & 143((3B) of the Income Tax Act at a total income of Rs. 3,34,41,608/-. While doing so, the Assessing Officer denied exemption u/s. 11 of the Income Tax Act by invoking proviso to section 2(15) of the Income Tax Act by holding tha....

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.... none appeared on behalf of the respondent assessee trust. Therefore, after hearing ld.DR we proceeded to dispose of the appeal on merits. 7. We heard ld. Sr. Departmental Representative for the Revenue and perused the material available on record. The Ground No.1 and 2 challenges the correctness of findings of the ld.CIT(A) directing the Assessing Officer not to tax sum of Rs. 2 crores being the amount stated to be advances written off credited into the Profit and Loss Account. This claim was denied by the Assessing Officer on the ground that the same was offered to tax in the Return of Income filed by the respondent assessee trust and the claim cannot be entertained placing reliance on the decision of Hon'ble Supreme Court in Goetz....