TMI Blog2011 (1) TMI 1320X X X X Extracts X X X X X X X X Extracts X X X X ..... astructure fund, was not taxable in the hands of the assessee, despite the fact that the assessee trust was not registered u/s 12A of the Act in that year. The Hon ble Delhi High Court, vide its order in BASANTI DEVI SHRI CHAKHAN LAL GARG EDUCATION TRUST [ 2009 (9) TMI 978 - DELHI HIGH COURT ] have dismissed the Department s appeal against the aforesaid Tribunal order, by observing the CIT(A) as well as ITAT rightly concluded that the donations received towards corpus of the trust would be capital receipt and not revenue receipt chargeable to tax. The Department contends that the aforesaid High Court order is under challenge before the Hon ble Supreme Court by way of a SLP filed by the Department. This, however, is not premise e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al provisions of the Act. Further, for asstt.year 2003-04, ld. CIT(A) failed to appreciate provisions of section 164 of the Income Tax Act while erroneously holding that provisions of Chapter IV would apply. 2. The assessee s cross objections are as follows: 1.0 That the learned Assessing Officer has grossly erred in making the reassessment by reopening the same u/s 147/148 of the Income Tax Act and the CIT(A) has erred in law to uphold the same. 1.1 That the CIT(Appeals) ought to have held that the reopening of the same based on assessment of the subsequent year was bad in law and there was no failure on the part of the assessee to furnish fully and truly all material facts necessary for completion of the assessment. 2.0 That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act; that the Tribunal decision(supra), in the assessee s own case, for assessment year 2003-04 is now under challenge before the Hon ble Supreme Court; and that the learned CIT(A) has erred in holding that the receipt of money by the assessee in the status of AOP has to be seen under the normal provisions of the Act. 10. We have heard both the parties and have perused the material on record. The Tribunal, in the assessee s own case for assessment year 2003- 04, vide its order dated 30.1.2009 (supra), held that the amount received by the assessee trust from its settler, towards infrastructure fund, was not taxable in the hands of the assessee, despite the fact that the assessee trust was not registered u/s 12A of the Act in that y ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
