Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2024 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (2) TMI 165 - BOMBAY HIGH COURTBenefit u/s 11(1A) - Whether property was not held under Assessee Trust wholly for the charitable/religious purposes? - ITAT allowed exemption - HELD THAT:- ITAT, in our view, rightly came to the conclusion that Assessee was entitled to claim the benefit. This was because admittedly, Assessee was the owner of the property and the sale deed was executed with Dilip Estates only on 20th April 2007. Even the Charity Commissioner has accorded his permission for the sale. Once the year of sale is taken to be AY 2008-09, then admittedly, the possession of said property is deemed to have been given in the said assessment year. Once the AO has accepted the plea that transfer took place in AY 2008-09 and assessed income under long term capital gains in the hands of Assessee, the ITAT correctly concluded that it cannot be said that the possession was not transferred in AY 2008-09. Once legal possession has been handed over by Assessee only in 2008-09 then it is presumed and accepted that the said capital asset was held by Assessee trust wholly for charitable purposes till the date of its sale. Decided against revenue.
|