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2020 (1) TMI 445 - ITAT JAIPURTaxing surplus as per income and expenditure account - Withdrawal of the approval u/s 10(23C)(vi) as well as registration u/s 12AA - allegation of diversion of funds of the trust for personal purposes, non genuine scholarship expenses - Held that:- the Co-ordinate Bench [2019 (4) TMI 1215 - ITAT JAIPUR] and the approval u/s 10(23C)(vi) and registration u/s 12AA has since been restored, we do not see any infirmity in the findings of the ld. CIT(A) who has taken into consideration the restoration of approval so granted by the Tribunal and in absence of any other reasons/finding recorded by the Assessing officer, in granting the necessary relief to the assessee society wherein the surplus income was directed not to be brought to tax. Non genuine scholarship expenses - Held that:- the matter relating to scholarship expenses has been dealt with at length by the Co-ordinate Bench [2019 (4) TMI 1215 - ITAT JAIPUR] and which has been followed by the ld CIT(A) - Order of CIT(A) sustained. Depreciation on Building - test of ownership - Held that:- the fact that a formal sale deed has not been executed in favour of the assessee society cannot be held as basis for denial of claim of depreciation Further, ld CIT DR has submitted during the course of hearing that where the assessee society has already claimed and allowed the capital expenditure on construction of building as an application of income, the assessee society cannot be allowed depreciation claim on the said building in view of specific embargo placed by virtue of section 11(6) of the Act. There is no dispute that these provisions introduced by the Finance, Act 2014 are applicable for both the years under consideration. Therefore, it is a matter of record and it can be examined by the Assessing officer as to whether the capital expenditure so incurred by assessee society has been claimed as an application of income in any of the years under consideration or in the earlier years. - Matter remanded back. Addition of unexplained cash u/s 69A - unexplained money - the same was not recorded in the books of Integral Bank nor entered in the cash books of accounts of the assessee society - fee was collected from students in old denomination - Held that:- Undisputed and undeniable facts are that cash so found represents fees deposited by students with the assessee society as emerging from the statements of various persons recorded during the course of survey and even from the findings of the survey team. The cash so found is duly explained by the documentary evidence which is maintained in regular course by the assessee society. During the course of hearing, nothing has been brought to notice by the Revenue which controverts the said factual position. - CIT(A) rightly deleted the additions.
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