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2014 (3) TMI 361 - AT - Income TaxAssessment of income against declared loss Held that:- First appellate authority has upheld the additions made by the Assessing Officer on the ground that the assessee has not provided details of expenditure incurred by the assessee-trust on various activities undertaken to achieve its aims and objects and even no details of purchase and expenditure has been submitted before the Assessing Officer as well as before the learned first appellate authority there is no need for interference in the well-reasoned order passed by first appellant authority Decided against Assessee. Income of trust treated as business income Rejection of applicability of exemption of income u/s 11 of the Act Held that:- The decision in Assistant Commissioner of Income Tax, Circle-V, Amritsar Vs. Amritsar Improvement Trust [2013 (10) TMI 745 - ITAT AMRITSAR] followed - the details furnished by the assessee pertain to the expenditure incurred in respect of various residential/commercial schemes floated by the assessee trust from time to time and perusal of the activities undertaken by the Amritsar Improvement Trust reveals that except for acquiring land and developing the same into residential/commercial projects like any other private builder have done little for achieving the aims and objectives for which it is created - the income of the assessee from various activities does not qualify for exemption under Section 11 of the Act and the same is brought to tax as income from business, as per provision of Income Tax Act, 1961 Decided against Assessee. Deletion made on account of difference in value of unallotted properties understatement of assets Held that:- The first appellant authority has passed a well-reasoned order and no interference is called for in the order the addition made on account of variation in the value of unallotted property is upheld - once the payment has been made it was required that the properties purchased through the process of compulsory acquisition, the same ought to have been accounted for on the receipt side thus, the first appellate authority has rightly upheld the addition made on account of understatement of the assets Decided against Assessee.
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