Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 1011 - AT - Income TaxAssessment u/s 153A - Exemption u/s 11 - developer fees collected from students by assessee as revenue in nature - HELD THAT:- As following binding decision of CIT Vs. Continental Ware housing Ltd. [2015 (5) TMI 656 - BOMBAY HIGH COURT] as well as relying upon the decision of CIT Vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] and other judicial precedents on this issue, we confirm the impugned order of the Ld. CIT(A) and dismiss the revenue appeal. Carry forward the deficit being excess expenditure of receipt to subsequent years and holding the same as eligible to be set off with the income of the subsequent years - Since we find the facts to be similar and no change in law, we respectfully following the ratio of the Co--ordinate Bench decision on this issue in assessee’s sister trust case DCIT vs Dr. DY Patil Educational Academy (2022 (2) TMI 590 - ITAT MUMBAI] and further we find that there was no incriminating material found during search qua assessee qua this issue qua the relevant AYs, the AO ought not to have disturbed the assessment for the relevant year as held by the Hon’ble jurisdictional High Court in the case of CIT Vs. Continental Ware housing Ltd. Vs. DCIT (supra) as well as relying upon the decision in the case CIT Vs. Kabul Chawla (supra) and other judicial precedents on this issue, we confirm the impugned order of the Ld. CIT(A) and dismiss the revenue appeal.
|