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The Director of Income Tax (Exemptions) , Mumbai Versus M/s. Shri Vile Parle Kelavani Mandal

2015 (5) TMI 220 - BOMBAY HIGH COURT

Income under the head "Management Development Programme and consultancy charges - whether exemption was not admissible because the requirement which is set out in sub-section (4A) of section 11 has not been satisfied? - ITAT allowed claim - Held that:- Letting out of halls for marriages, sale and advertisement rights has not been found to be a regular activity undertaken as a part of business. The educational institutions require funds. The income is generated from giving various halls and prope .....

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s also not perverse and given the facts and circumstances which are undisputed. - Decided against revenue.

Admissibility of depreciation - asset purchased by trust - itat allowed claim - Held that:- There is nothing like double deduction. When the assessee has acquired an asset from the income of the trust and thereafter the amount that is claimed is the depreciation on the use of the assets, such depreciation claim does not mean double deduction. The deduction earlier claimed is towa .....

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. For the Appellant : Mrs S V Bharucha For the Respondents : Mr Beni Chatterji, Senior Adv. i/b M/s S K Srivastav & Co. ORDER P.C. 1. The appeal filed by the revenue challenges the order passed by the Tribunal dated 5th October, 2012. 2. Mrs.Bharucha appearing for the revenue submits that four questions which have been formulated at page Nos.4 & 5 by the revenue are all substantial questions of law. 3. With regard to the first question, she invites our attention to the various assessing .....

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in respect of the said business. 4. In that regard, our attention has been invited by Mr.Chatterjee, learned senior counsel appearing on behalf of the assessee, to the finding in the order of Commissioner of Income Tax (A) and the Tribunal. 5. The Tribunal has held that the "Management and Development Program & Consultancy Charges' is part and parcel of 'Narsee Monjee Institute of Management Studies' which has been set up by the respondent-assessee. The respondent-assessee i .....

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then the condition precedent set out in sub-section (4A) of section 11 of the I.T. Act is completely satisfied. Such finding of fact cannot be termed as perverse and it is in consonance with the factual aspect regarding activities of the trust and the object that it is seeking to achieve. Similarly, in regard to income from the hiring of the premises and advertisement rights, the said question is also not substantial question of law. Letting out of halls for marriages, sale and advertisement rig .....

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