Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 323 - AT - Income TaxExemption u/s.11(2) denied - Charitable activity u/s 2(15) - HELD THAT: - It is evident that assessee’s appeal was allowed primarily in view of the fact that the assessee had only one object and hence, there would be no ambiguity in specifying the purpose of accumulation in Form No. 10. Upon perusal of factual matrix as enumerated in preceding paragraphs, it appears that facts are pari-materia the same in this year. Nothing has been placed on record to demonstrate any distinguishing features. Therefore, keeping in view the fact that exemption u/s 11(2) was ultimately allowed to the assessee in AY 2010-11 as well as in AY 2011-12. we hold that the assessee is entitled for exemption u/s 11(2). Ground No. 1 of assessee’s appeal stand allowed. Admission of new claim u/s 10(23EA) - this exemption was already allowed to the assessee by Ld. AO himself while framing quantum assessment order. Nevertheless, this issue also stood covered in assessee’s favor by the order of Tribunal for AY 2011-12. Resultantly, the revenue’s appeal stands dismissed. Interest u/s 234C was to be charged on returned income and not on assessed income. Non-receipt of refund - Assessee has disputed receipt of any refund, which Ld.AO is directed to verify. The Ld. AO is also directed to re-compute the income in terms of this order and determine correct tax liability / refund against the assessee. All these grounds stand allowed for statistical purposes.
|