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2016 (1) TMI 570 - ITAT MUMBAI

2016 (1) TMI 570 - ITAT MUMBAI - TMI - Exemption u/s 11A denied - assessee is not maintaining separate books of accounts as required under provision of section 11(4A) - Held that:- We note that the facts and the issue are uncontrovertedly identical to the A.Y. 2007-08. No contrary decision was brought to our notice by either side and more specifically the Revenue. We further note that the benefit u/s 80G of the Act was granted by the Department to the assessee and the assessee is a registered wi .....

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i 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 For The Revenue : Shri Vijay Kumar Soni-DR For The Assessee : Shri K.Goptal OR .....

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aining 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 Randhir Gupta, advanced arguments, which are identical to the ground raised by contending that the assessee is not maintaining the separate books of accounts and the assessee has violated terms and conditions of trust deed, thus, not eligible for exemption u/s 11 of the Act. 2.1. On the other hand, the ld. counsel for the assessee, Shri K. Gopal, defended .....

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15 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 .....

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ssions and perused the material available on record. The facts, in brief, are that the assessee is a charitable trust, registered with the Charity Commissioner and also with the department u/s 12A of the Income Tax Act. It is noted that right from the date of inception itself, the assessee trust had been assessed accordingly up to A.Y. 2006-07. The main activity of the assessee trust are for the development of Arts & Sports and is still continuing. The assessee constructed a club on the land .....

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see as a trust and treated the same as AOP broadly on the basis that the property which is in dispute with the BMC authorities, 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 observati .....

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grievance of the Assessing Officer is that in view of section 11(4A) of the Act, the assessee trust is not maintaining separate 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 11 of the Act. There is no dispute that right from inception, the assessee trust was granted exemption u/s 11 of the Act by the tax authorities. Even, if, the property is under dispute with the BMC authorities .....

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d finding in the impugned order that the assessee trust is not running restaurant, bar, etc, thus, there is no question of maintaining separate registers. The activities of the assessee trust are for the attainment of objects of the trust enshrined in the trust deed. Thus, the assessee is having a valid registration u/s 12A of the Act, granted by the Director of Income Tax (Exemption) and the Assessing Officer has not specifically pointed out any violation of the trust deed as well as the provis .....

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