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Wadia Institute of Himalayan Geology C/o. M/s. Malik & Co. Versus Additional Commissioner of Income Tax, Range-2, Dehradun

2015 (6) TMI 556 - ITAT DELHI

Denial of exemption u/s. 10(21) - the assessee has failed to furnish the Form 10 within time and get the delay condoned from the Competent Authority - assessee has been granted registration u/s 12A - CIT(A) allowed exemption - Held that:- CIT(A) held that the AO was not correct in denying the benefit to the assessee merely on the ground that the assessee has not filed the Form No. 10 within time before the prescribed authority, because it was approved for the purposes of section 35 of the I.T. A .....

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ble for exemption u/s. 11 of the I.T. Act. Thus, it was eligible for exemption in respect of its income under section 10(21) as well as 11 of the I.T. Act and was not required to furnish the declaration in Form No. 10 in respect of part of the income accumulated by it. Ld. CIT(A) has granted the relief to the assessee, as requested by it by passing an elaborate impugned order. Therefore, no interference is called for in the well reasoned order passed by the Ld. CIT(A) - Decided against assessee. .....

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olving element of income chargeable to tax. Thus, on facts and in law, the subsidy received by the appellant, not bearing character of Revenue receipt, could not be made the basis for computation of income assessable to tax. 2. That in addition to the Grant-in-aid, the appellant derived income from interest on deposits with the Bank which was also not chargeable to tax in view of the decision of Hon'ble Karnataka High Court 284 ITR 582 (Karn). 3. That in the course of Research Activity, the .....

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surplus of ₹ 1,15,59,308/- constituted income chargeable to tax. Impugned finding deserve to be quashed being erroneous and untenable on facts and in law and the exemption as claimed deserve to be allowed. 6. The ascertained tax liability including interest u/s 234(A) and 234(B) on the basis of assessed income as per Assessment order deserve to be quashed being void, illegal and without jurisdiction. 2. The brief facts of the case are that the assessee institution is state to be 100% aide .....

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me Tax Act, 1961 vide order dated 26.10.06 of the Commissioner of Income Tax, Dehradun which is effective from 07.04.06. The assessee also enjoys approval by the Central Government for the purpose of section 35(1)(ii) of the Income Tax Act, 1961 w.e.f. 01.04.98 vide notification dated 10.04.08 of the Government of India, Ministry of Finance, Department of Revenue, CBDT. The return of income for the above noted assessment year has been furnished on 23.12.08 in the 0/0 ACIT, Circle-2, Dehradun. Th .....

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er this case. Assessee filed its reply which the AO placed on record. Later on the case was assigned to the Addl. CIT, Range-2, Dehradun by the Commissioner of Income Tax, Dehradun u/s 127 of the Income Tax Act, 1961. Accordingly, notice bulls 143(2) was issued by the him on 12.10.09 and 24.12.09 which have been duly served upon the assessee. It was found that during the relevant previous year the assessee has applied ₹ 13,62,38,103/- out of total income of ₹ 14,77,97,411/-. Further .....

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g accumulated or set a part. In response to notice u/s 143(2) dated 23.04.09, the assessee has furnished Form No. 10 which is addressed to the Commissioner of Income Tax U/S 11(2) of the Income Tax Act, 1961. In this Form No. 10 the assessee has exercised is option of accumulating ₹ 1,15,59,308/- being 7.82% of the income of the assessee institution. Accordingly, the assessee was required to explain as to how furnishing of above noted Form No. 10 to the AO that too on 11.05.09 fulfills the .....

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The assessee has not elaborated upon the facts and circumstances relating to late submission of income tax return as well as Form No. 10 stating that the same are similar as in the preceding assessment year. It is noticed that in the A.Ys 2003- 04, 2004-05 & 2005-06 such delay was condoned by the Commissioner of Income Tax, Dehradun. However, the assessee's contention that facts and circumstances being the same, the delay deserves to be condoned in pursuance of the order of the superior .....

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to the assessee. AO completed the assessment on the total income of ₹ 1,15,59,308/- vide order dated 31.12.2009 passed u/s. 143(3) of the I.T. Act, 1961. 3. Aggrieved with the order of the AO, assessee appealed before the Ld. CIT(A), who vide impugned order dated 10.6.2011 has partly allowed the appeal of the assessee. 4. Against the impugned order the assessee is in appeal before the Tribunal. 5. Ld. Counsel of the assessee reiterated the contention raised in the grounds of appeal and re .....

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