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2021 (9) TMI 698 - AT - Income TaxExemption u/s 11 - exemption denied on the ground that registration u/s 12AA granted to the assessee stood cancelled - HELD THAT:- In view of the above observations of the Coordinate Bench of this Tribunal in assessee’s own case restoring the registration u/s 12AA of the Act, we are of the opinion that the objects of the assessee authority are charitable in nature and the same are not hit by proviso to Sec.2(15) of the Act. However, we direct the Assessing Officer to examine the activities of the assessee authority and if the same are found to be in consonance with the objects, the benefit of exemption u/s 11 is to be allowed. Accordingly, Ground allowed for statistical purposes. Treating fund earmarked for Infrastructure Development Fund to the income of the assessee - HELD THAT:- As in the case of Saharanpur Development Authority [2021 (3) TMI 1223 - ITAT DELHI] and Khurja Development Authority [2019 (4) TMI 361 - ITAT DELHI] we are of the view that source of funds transferred to Infrastructure Development Fund, control over the same and obligation of its utilization is required to be examined to ascertain the real nature of Infrastructure Development Fund. Accordingly, we direct the Assessing Officer to adjudicate the issue afresh keeping in mind the ratio laid down. Non-allowance of credit of prepaid taxes - HELD THAT:- As credit of prepaid taxes is a statutory right envisaged under the Income Tax Act, 1961. The Assessing Officer is directed to allow the credit of prepaid taxes after due verification in accordance with law. Accordingly, Ground allowed for statistical purposes.
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