Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 871 - ITAT DELHIAssessment of trust - Addition on account of excess fees - AO brought on record sufficient material to show that assessee had collected excess fees, in addition to the fees fixed by State Government - CIT(A) held that the assessee has applied more than 85% of total receipt for its object. Thus, the predominant object of the assessee has been fulfilled - HELD THAT:- Considering the facts the assessee has applied more than 85% of the total receipt on charitable purpose and there is no expressed finding of AO that assessee is not carrying the charitable activities. Therefore, we do not find any merit in the grounds of appeal raised by the revenue. Thus we have heard the order of Ld. CIT(A). Disallowance of depreciation - AO disallowed the depreciation on fixed assets by holding that it amounts to double deduction as the assessee has already obtained the benefit under section 11 - CIT-A allowed the depreciation claim - HELD THAT:- Considering the decision of Hon’ble Bombay High Court INSTITUTE OF BANKING PERSONNEL SELECTION [2003 (7) TMI 52 - BOMBAY HIGH COURT] which has been affirmed by Hon’ble Apex Court in CIT Vs Rajasthan and Gujarati Charitable Foundation Poona [2017 (12) TMI 1067 - SUPREME COURT] we do not find any merit in the ground of appeal raised by the revenue. Addition u/s 68 - anonymous donations u/s 115BBC - HELD THAT:- As decided in own case [2019 (11) TMI 1657 - ITAT DELHI]the appellant has discharged the primary onus casted upon it to prove the identity of depositors, genuineness of transactions and credit worthiness of the depositors and therefore the unsecured loans accepted by the appellant from 5 persons during the year under appeal are treated as explained and substantiated - non production of the depositors by the' appellant Has wrongly been made a ground to make addition to make, addition u/s 68 of the Act. Further the action of the A.O. to treat the deposits under reference as anonymous donations u/s 115BBC is completely unlawful since all the loan creditors had opening balances and had also filed copies of ITRs, Thus, by no stretch of imagination could the AO treat these loans as anonymous donation u/s 115BBC. Now coming u the failure to produce the depositor for the personal deposition the same cannot be treated as a ground so as to make the addition of the loans accepted from them. Decided against revenue.
|