TaxTMI 
TaxTMI 
2016 (3) TMI 689
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....agreeing with the views of the CIT that the funds were raised by the assessee for the philanthropic purposes. The facts and circumstances of the case appearing from the order of the assessing officer are as follows:- "On scrutiny of the Income & Expenditure A/c, it is found that the assessee-company earned interest income to the tune of Rs. 33,93,899/- from its only source. Total expenditure has been shown, at Rs,45,13,618/- inclusive of depreciation. It is seen from the details and evidence produced and particulars filed that most of the expenses were actually incurred by M/s, Assam Frontier Tea Co. Ltd., M/s, Singlo India Tea Co. Ltd., and M/s. Empire plantations (I) Ltd. on account of medical and hospital expenses including salary & wa....
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....sment year 1992-93 is concerned, I am accordingly, inclined to allow the appeal. As the appellant is to be treated as entitled to exemption U/s. 10(22A) dealing with individual grounds enlisted in appeal is not considered necessary." The revenue preferred an appeal against the order of the CIT(A) which was dismissed following the order of the Tribunal for the assessment year 1986-87 and 1987-88 as would appear following the views expressed by the learned Tribunal:- "We find that the A.O. denied exemption to the assessee following his orders for the assessment years 1986-87 & 1987-88. This issue came up before the Tribunal for the aforesaid years where the Tribunal confirmed the order of the CIT (Appeals) by which the exemption was allowe....
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....Act ignoring the fact that the assessee had lent money on interest to different companies? ii) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in holding that the assessee fulfilled the conditions stipulated in Section 10(22A) of the Income Tax Act, 1961 and directing to allow deduction under Section 10(22A) of the Act?" The aforesaid questions have been answered in the negative. No new facts and circumstances are involved in this case. In the relevant year the income arose out of interest as in the assessment year 1988-89. All the facts in the relevant year are the same as in the assessment year 1988-89. Therefore, we answer the question formulated above in the negative for the same reasons a....
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....re of surcharge of Rs. 2,50,811/- mentioned in the challan is correct, being 15% of the correct amount of tax of Rs. 16,72,075/-. Further, the interest under section 234B of Rs. 8,23,968/- mentioned in the challan approximates the interest chargeable under section 234B with reference to the correct amount of income tax of Rs. 16,72,075/- and is short by Rs. 17/- only. I say that if the income tax is taken at Rs. 17,96,619/- as mentioned in the challan, it gives a rate of 53.72% of the assessed income. The surcharge of Rs. 2,50,811/- mentioned in the challan is 13.96% of Rs. 17,96,619/-. If interest under section 234B were calculated with reference to the said figure of Rs. 17,96,619/- plus Rs. 2,50,811/- aggregating to Rs. 20,47,430/- aft....