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2011 (10) TMI 471 - AT - Income TaxRegistration/ Cancellation of Trust - Trust registered dated 4.11.1982 Director exemption sought cancellation issued a notice on 15.4.2010 - Held That:- By virtue of amendment effected in sub-section (3) of sec. 12AA Commissioner can cancel registration with effect from 01.06.10. In the given case notice was issued on 15.4.10 he was not having any power to cancel such registration. Therefore, the very foundation to initiate proceedings against the assessee for cancellation of the registration is erroneous. Returned loss - Advance for purchase of income treated as Application of income - AO argued S.K Aggarwal individual falling within 13(3) exemption under 11 & 12 not applicable - Held That:- S.K Aggarwal is the chair person of the institute. Advance of Rs 1,18,05,316 was not used for the purpose of society rather for personal purpose thus benefit of Sec 11,12 not applicable. Taxation as AOP after applying Maximum marginal rate of tax - Held That:- CIT(Appeals) has not considered these issues on account of non co-operation from assessee. thus we remand the matter back for fresh perusal. Validity of Interest under 234A 234B - Held That:- Charging of interest mandatory.
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