Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 1245 - AT - Income TaxEligibility to claim benefits of section 11 and 12 - No claim was made in the original return nor any revised return was filed - registration was granted during the assessment proceedings - Held that:- Similar issue has come up in assessee’s own case for AY 2011-12 where we have taken a view that where during pendency of appeal before the ld CIT(A), the assessee was granted registration under section 12AA, it would be a case of pendency of assessment proceedings and the assessee would be eligible to claim benefits of section 11 and 12 of the Act. In the instant case, the facts are on a better footing as registration was granted during the pendency of assessment proceedings before the AO itself. Further, we agree with the view of the ld CIT(A) that the decision of Hon’ble Supreme Court in case of Goetze India [2006 (3) TMI 75 - SUPREME Court] relates to powers of the AO and not to the powers of the appellate authorities and hence, the said decision doesn’t support the case of the Revenue. The assessee has made the necessary claim for exemption u/s 11 during the course of assessment proceedings and the ld CIT(A) has rightly allowed the same. Depreciation is held admissible to the assessee society registered under section 12AA and held eligible for exemption under section 11 and 12 of the Act. TDS u/s. 194C - defect in vouchers under the head building construction account which was not claimed as revenue expenses but capital expenses - Held that:- It is assessee’s contention that the expenses disallowed and partly sustained by the ld CIT(A) have not been claimed as revenue expenditure during the year. There is no finding recorded by the AO or ld CIT(A) in this regard. We accordingly set aside this matter to the file of the AO to examine the said contention of the assessee and decide the matter a fresh as per law. In the result, both the grounds of revenue and assessee are allowed for statistical purposes. Invoking the provisions of section 13(1)(c)(ii) r.w.s 13(2)(g) - Held that:- What is relevant to examine is the year in which the money has been invested or shares have been brought otherwise than in the prescribed mode and income arising therefrom during the previous year. In absence of any finding of the AO in this regard, the matter is accordingly set-aside to the file of the AO to examine the same afresh taking into consideration the above discussions. Similarly, the matter relating to transaction with Nirmal Panwar Finance Pvt Ltd is also set aside to the file of the AO where the AO has invoked the similar provisions. In the result, ground no. 1 of the assessee’s appeal is partly allowed for statistical purposes. Addition sustained u/s 40(a)(ia) - Held that:- Since the assessee is held eligible for deduction u/s 11 and 12 of the Act as we have discussed above, the provisions of section 40(a)(ia) of IT Act are not attracted as the same are restricted to income chargeable under the head “profit and gains from business or profession”.
|