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2012 (3) TMI 484 - AT - Income TaxDenial of exemption u/s 11 - Held that:- It is not a fit case for invoking the provisions of section 13 of the Act for denial of exemption u/s 11 of the Act. Addition being interest recoverable from Mr. Jignashu Patwal misappropriated - Held that:- The assessee’s submission before us was that this amount has already been shown as income of the assessee trust and if it is again taxed, it will amount to double addition. This submission of the assessee requires verification and if the contention of the assessee is found correct, then, no addition is called for. We, therefore, restore this issue to the file of the AO for this purpose. This ground is allowed for statistical purpose. Addition being the amount misappropriated by Shri Pratap Rathwa - Held that:- This amount has not been claimed by the assessee as expenditure nor has been claimed as application of income for the objects of the trust. In view of this, we find that this submission of the assessee also requires verification. The issue is therefore restored to the file of the AO for this purpose.
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