Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 525 - AT - Income TaxExemption u/s 11 - receipts of the assessee like interest, rent receipt and lease receipt of commercial land are not charitable in nature - HELD THAT:- We find in the facts of the present case the Assessing Officer has misdirected himself in understanding the word "development" as akin to activities of development boards, etc. We find that no specific instance of establishing identical facts has been brought on record by the Assessing Officer and even in the present appeal, no fact or instance supporting the claim of near similarity of facts with either Jammu Development Board, etc., or HUDA, PUDA, etc., has been brought to our notice by the Revenue. On the contrary, we find that there was no similarity of activity with M/s. Jammu Development Authority, namely, developmental activities like that of a real estate builder, etc. Thus, the reliance placed thereon by the Revenue has to be discarded. Whether the expenses incurred and the receipts received by the assessee specifically from the light and sound show and maintenance of museum, etc., can be said to arise from the activities of the assessee which can be said to be covered under section 2(15)? - HELD THAT:- International Conventions to which Indian is a signatory in the context of the activities found discussed in the respective orders along with the contextual background wherein the assessee functions, we hold that the assessee has been formed for the objects falling within the four corners of the main clause of section 2(15) of the Act. We have seen that the activities undertaken by the assessee were unlike those undertaken by M/s. Jammu Development Authority. This issue, we have addressed at length in the earlier part of this order. The activities undertaken by the present assessee like light and sound show, present security service charges for preserving and maintaining/upgradation and maintenance of Krishna Museum expenditure of celebration of Geeta Jayanti, etc., are all relatable activities commensurate with its aims and objects involving no activity in the nature of trade, commerce or business. Thus, for the detailed reasons set out hereinabove, we are of the view that in the absence of any fact, instance or example on record to show that the activities of the trust are commercial ventures, we find no good reason to vary the conclusion drawn. - Decided against revenue.
|