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2016 (1) TMI 570

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..... books of accounts of its activities, therefore, he termed the assessee trust as AOP and assessed the income as business income, resultantly, denied exemption u/s 11A of the Act. The Tribunal has already placed reliance upon the decision from Hon’ble Apex Court and the ratio laid down therein in the case of Thanthi Trust (2001 (1) TMI 80 - SUPREME Court ). We find no infirmity in the conclusion drawn in the respective appeal by the ld. First Appellate Authority, therefore, the appeals of the Revenue are having no merit, resultantly, dismissed. - Decided in favour of assessee. - ITA NO.3114/Mum/2012, ITA NO.2459 & 2460/Mum/2014 - - - Dated:- 26-10-2015 - Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Fo .....

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..... w of the above, we are reproducing hereunder the relevant portion from the aforesaid order dated 19/10/2015 for ready reference:- The Revenue is aggrieved by the impugned order dated 23/07/2010 of the ld. First Appellate Authority, Mumbai. The only ground raised in this appeal pertains to granting exemption u/s 11 of the Income Tax Act, 1961 (hereinafter the Act) without appreciating the fact that the assessee is not maintaining separate books of accounts as required under provision of section 11(4A) of the Act. 2. During hearing of this appeal, the ld. DR, Shri Vijay Kumar Soni, advanced arguments, which are identical to the ground raised by contending that the assessee is not maintaining the separate books of accounts and the a .....

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..... , the assessee is doing business activities. While coming to this conclusion, the Assessing Officer relied upon the decision in the case of Sind Cooperative Housing Society vs ITO. The stand of the assessee is that while deciding the issue, the ld. Assessing Officer completely ignored the decision from Hon ble Apex Court in Thanthi Trust 247 ITR 785. 2.3. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, there is no dispute to the fact that sports activities are carried out by the assessee and even certificate u/s 80G was granted to the .....

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..... e Tax (Exemption) and the Assessing Officer has not specifically pointed out any violation of the trust deed as well as the provision of section 12 13, therefore, we find no infirmity in the conclusion drawn by the ld. Commissioner of Income Tax (Appeals). Finally, the appeal of the Revenue is dismissed. 2.3. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, and the conclusion drawn in the aforesaid order of the Tribunal dated 19/10/2015, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, we note that the facts and the issue are uncontrovertedly identical to the A.Y. 2007-08. No .....

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