New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (6) TMI 650 - GUJARAT HIGH COURT

2016 (6) TMI 650 - GUJARAT HIGH COURT - TMI - Reopening of assessment - assessee has wrongly claimed exemption u/s 11(1)(a) of the Act on accumulated income and thereby has failed to disclose truly and fully all material facts - Held that:- From the reasons recorded with the Assessing Officer for issuing notice for reopening, it can be seen that it was only upon verification of case records that he noticed certain discrepancies in the tax liability of the assessee. Neither in the reasons recorde .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t of the assessee to disclose material facts. Appellate Tribunal is correct in law on quashing the order passed u/s 143(3) r.w.s. 147 of the Act - Decided against revenue - Tax Appeal No. 437 of 2016 - Dated:- 7-6-2016 - Akil Kureshi And A. J. Shastri, JJ. For the Appellant : Mrs Mauna M. Bhatt, Advocate ORDER ( Per Honourable Mr. Justice Akil Kureshi ) 1. Revenue has challenged the judgment of Income Tax Appellate Tribunal dated 03.12.2015, raising following question for our consideration. Whet .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessment year 2006-07 the return of income was taken in scrutiny and scrutiny assessment was framed. Beyond the period of four years from the end of the relevant assessment year, the Assessing Officer issued notice for reopening such assessment. He had recorded following reasons for issuing the notice. On verification of the case records, it is noticed that the assessee trust had income under the head 'other source' amounting to ₹ 11,65,15,622/- including unspent accumulated fund .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on (15%) of income also included the deemed income in addition to the income of A.Y. 2006-07 amounting to ₹ 1,91,14,931/-. However, as per the Board circular 29 dated 23/08/1969, no accumulation/ on the deemed income is allowable. Thus, the set apart allowed on deemed income of ₹ 9,80,09,658/- pertaining to A.Y. 1996-97 was not to be allowed to the assessee trust. The incorrect set apart/accumulation of ₹ 1,46,10,104/- is worked out as Under: Set apart claimed and allowed (15% .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version