2024 (7) TMI 1804

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....tion received from Settlors namely, Government of India (GOI) and Small Industries Development Bank of India (SIDBI) towards Corpus Fund in terms of the trust deed and the reasons assigned for doing so are wrong and contrary to facts of the case, provisions of Income Tax Act, 1961 (Act) and Income Tax Rules, 1962 (Rules) made thereunder. 1(b) On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of ld. AO of making addition of Rs. 2,22,50,000/- u/s 2(24)(iia) of the Act being voluntary contribution without appreciating the fact that agreed contribution towards corpus fund received by the appellant trust from GOI and SIDBI (i.e., the Settlors) is an obligation of Settlors as per the trust deed and hence, cannot be treated or added as voluntary contribution u/s 2(24)(iia) to the total income of appellant trust. 1(c) On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of ld. AO of not granting exemption u/s 11(1)(d) of the Act to corpus contribution received from settlors on the reasoning that DIT(E) has withdrawn the registration u/s 12AA(3) without appreciating the fact ....

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.... CIT(A) erred in confirming the action of ld. AO of charging surcharge of Rs. 7,59,05,840/- 4 being 5% of amount of Tax holding it to be consequential in nature without appreciating the fact that surcharge was not applicable to appellant trust from AY 2010-11 to AY 2013 14 and as such doing so is wrong and contrary to facts of the case, provisions of the Act and Rules made thereunder. 4. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of ld. AO of charging interest of Rs. 1,90,19,870/- u/s 234C as against Rs. 42,869/- as computed by the appellant trust as per return of income and holding it to be consequential in nature which is wrong and contrary to facts and circumstances of the case, provisions of the Act and Rules made thereunder. The appellant trust craves leave to add, amend, alter, modify and/or delete any of the above grounds of appeal, on or before the date of hearing." 3. Representatives were heard at length. Case records carefully perused and relevant documentary evidence duly considered in the light of Rule 18(6) of the ITAT Rules, 1963. 4. Briefly stated the facts of the case are that the asse....

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....त्रालय भारत सरकार निर्माण यादव, सातवी मंजिल, मौलाना आजाद रोड़, नई दिल्ली - 110 108 सत्यमेव जयते सूक्ष्म, लघु एवं मध्यम उद्यम OFFICE OF THE DEVELOPMENT COMMISSONER (MICRO, SMALL. & MEDIUM ENTERPRISES) MINISTRY OF MICRO, SMALL, & MEDIUM ENTERPRISES GOVERNMENT OF INDIA Niruan Bhawan, 7º Floor, Maulana Azad Road, New Delhi-110 108 Ph. EPABX-23063800, 23063802, 23063803, 23063804, 23063805 & 23063806 No. E -. 17(8)/2011 Dated : 13th May, 2011 The Pay & Accounts Officer, Pay & Accounts Office (SSI), Nirman Bhavan, New Delhi. Subject: Sanction of Rs. 1.00 crore to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Mumbai as Government of India's contributio....

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....ndustries (ii) Object Head 78.00.32 Contribution Main Scheme :- Credit Support Programmje This Scheme: Credit Guarantee Scheme 5. This issues with the concurrence of I.F. Wing vide their Dy. No.102/ F-1/11 dated 10.5.2011. Yours faithfully, ALMAN (Anupam Mishra) Addl. Economic Adviser Copy to: (1) The CEO, Credit Guarantee Fund Trust for Small Industries, SME Development Centre, C-11, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051. (2) The CMD, SIDBI Tower, 15, Ashok Marg, Lucknow-226001. (3) The Comptroller and Auditor General of India, Commercial Audit Wing, I.P. Estate, AGCR Building, New Delhi. (4) The Director of Commercial Audit, IP Bhavan, IP Estate, New Delhi. (5) The Principal Director of Audit, Economic and Services Ministries, IP Estate, New Delhi. (6) Planning Division, O/o DC(MSME), Nirman Bhavan, New Delhi. (7) I.F. Wing (F.I Section), Udyog Bhavan, New Delhi. (8) PS to AS&DC(MSME). CERTIFIED TRUE COPY Alm (Anupam Mishra) Addl. Economic Adviser Document 2 55 विकास आयुक्त का कार्यालय (सूक....