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Dy. Director of Income Tax (E) -I (1) , Versus Matoshri Arts & Sports Trust

2015 (10) TMI 2474 - ITAT MUMBAI

Entitlement to exemption u/s 11 - non maintaining separate books of accounts as required under provision of section 11(4A) - CIT(A) allowed the claim - Held that:- 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, cannot be the sole bases for denying exemption to the assessee. So far as, non-maintenance of separate books of accounts for different sport .....

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intaining 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 provision of section 12 & 13, therefore, we find no infirmity in the conclusion drawn by the ld. Commissioner of Income Tax (Appeal .....

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inafter 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 assessee has violated terms and conditions of trust deed, thus, not eligible for exemption u/s 11 of the Act. 2 .....

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rom 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 provided by BMC in terms of the agreement. The ownership of the land was with the BMC and the structure constructed thereupon was to be handed over to the BMC as per terms of the agreement but the assessee was to carry on and continue the supp .....

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cision 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 .....

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