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2022 (8) TMI 20 - AT - Income TaxExemption claimed u/s 10(34) on the dividend income received by the assessee trust - HELD THAT:- Respectfully following the ratio of the decision of this Tribunal in Group Trust case i.e. M/s. Navajbhai Ratan Trust [2022 (3) TMI 565 - ITAT MUMBAI] we are inclined to follow it since the department could not point out any change in facts or law. So on the same reasoning mutandis mutandis, we concur with the action of the Ld. CIT(A) allowing the claim of exemption u/s 10(34) of the Act and dismiss the ground nos. 1, 2 & 4 of the revenue appeal. Exemption u/s 11 - interest income and other income - main purpose of the trust is defeated as there is violation to the provision of section 13(1)(d) and 13(2)(h) - HELD THAT:- As we note that the Ld. CIT(A)’s impugned action is in conformity with para no. 6.8 (supra) wherein the Tribunal has directed the AO to grant the exemption u/s 11 of the Act on interest income and other income earned from non-prohibited investments by the assessee trust. Therefore, we are inclined to dismiss the appeal of the revenue on the same reasoning mutatis mutandis. Therefore, the revenue stands dismissed.
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