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The Commissioner of Income Tax, The Dy. Commissioner of Income Tax Versus M/s. Islamic Academy of Education

2015 (9) TMI 449 - KARNATAKA HIGH COURT

Exemption u/s 11 and 12 - whether status of the assessee should be taken as "Trust" as against AOP adopted in the assessment order - whether "borrowed capital" needs to be taken into consideration while deciding whether shares held by the trust excee .....

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e. Appellate Authorities were correct in law in directing in revenue’s appeal that the status of the assessee should be taken as "Trust" as against AOP adopted in the assessment order- ITA No. 502/2009 - Dated:- 21-8-2015 - Vineet Saran And B. Manoha .....

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ts and Sri S.Parthasarthi, learned counsel for the respondent and perused the record. 2. This appeal has been ADMITTED on the following questions of law: "1. Whether the Appellate Authorities were correct in law in directing in revenue s appeal .....

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w of investment made in the shares of M/s.Yenepoya Institute of Medical Science and Research (P) Ltd., and continued to hold them after 31.12.1970? 2. Whether the Appellate Authorities were correct in not appreciating that the investment made by the .....

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ion 13(3)(d) and also of "relative" of trustees/authors etc., as per Explanation 1 below Section 13(7) of the Act are taken into consideration? 3. Whether the Appellate Authorities were right in law in holding that "borrowed capital&qu .....

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he addition of ₹ 1,28,25,400/- even though the assessee has not filed audit report in Form No.10B as required u/s. 12A(b) of the Act and did not produce the account books and particulars called for u/s. 142(1) of the Act at the time of assessme .....

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ered by the decision of this Court in the case of Commissioner of Income Tax -vs- M/s.Islamic Academy of Education in ITA No.805/2008 decided on 09.09.2014. 4. For the reasons given in the aforesaid judgment, the first question of law is decided in f .....

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cademy of Education in ITA No.86/2008 decided on 03.06.2014. As such, for the reasons given in the aforesaid judgment, the aforesaid two questions-2 and 3 are also decided in favour of the assessee and against the revenue. 6. As regards the fourth qu .....

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