Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 929 - AT - Income TaxApplications seeking exemption u/s 80G(5)(vi) - substantial portion of the amount received by the Trust is incurred on the construction of the temple for which a significantly high construction cost is reflected in the balance sheet - Held that:- It is admitted fact that the assessee are granted registration u/s 12AA. It is well settled position of law that at the time of granting approval under Section 80G, what is to be examined is the object of the trust and so far as the aspect of income is concerned, same can be very well examined by the AO at the time of framing assessment. In the cases of the assessee trust and society, the objectives have already been examined by the CIT(E) while granting registration u/s 12AA. The 80G(5) subsists the 12AA so far as examination of charitable nature of objectives is concerns. Thus, both on facts and in law the assesses’ case are squarely covered by ‘CIT vs. Puja Shri Jalrambapa and Matushri Virbaima Charitable Trust’ (2014 (11) TMI 1165 - GUJARAT HIGH COURT). Respectfully following the Hon’ble Gujarat High Court in the case of ‘CIT vs. Puja Shri Jalrambapa and MatushriVirbaima Charitable Trust (Supra), we, find the grievance of the assessee society and trust justified and therefore, direct the CIT(E) to grant approval u/s 80G(5)(vi). - Decided in favour of assessee.
|