Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2017 (1) TMI 520 - ALLAHABAD HIGH COURT

2017 (1) TMI 520 - ALLAHABAD HIGH COURT - TMI - Renewal of approval under Section 80G (5) denied - as for the previous three years, the assessee has shown surpluses and, therefore, the CIT drew the conclusion that the activities of the assessee were in the nature of commercial enterprises and no charitable activity whatsoever was being pursued - Held that:- The word education utilised in the section stands independently on its own and to suggest that the word may be confined either to the rich o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ted exemption under Section 80G (5) of the Income Tax Act for the current year as it has been done in the previous year in view of the law and in view of the findings recorded. - Decided in favour of assessee - Income Tax Appeal No. 345 of 2010 - Dated:- 3-1-2017 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : A.N. Mahajan (S.C.),Shambhoo Chopra For the Respondent : Gautam Baghel, S.D.Singh ORDER Heard Sri Praveen Kumar, learned Counsel for the appellant-de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ught to be answered are hereunder :- "(i) if the CIT comes to know that activities of the assessee's were not genuinely charitable one, he can cancel the registration in exercise of his powers vested u/s 12AA(3) of the Act and; (ii) question of genuineness of the charitable trust cannot be examined in assessment proceedings rather can be examined by the CIT and in case it is found, at any stage, that the activities of the trust are not genuine or that there is no element of charity in t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sued by the assessee. Being aggrieved by the order of the CIT dated 27.10.2009, the assessee filed an appeal before the ITAT and by the order dated 26.2.2010, the ITAT came to the conclusion that the assessee was entitled to be granted a renewal under Section 80G (5) of the Income Tax Act. The ITAT has referred in its order that the assessee fulfilled all the conditions laid down in clauses (i) to (v) of sub section 80G of the Income Tax Act, and, therefore, was entitled to be allowed an exempti .....

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 the assessee was running an educational institution. It has further been recorded that as per the provisions of Section 11(1) of the Act, 15% of the income could have been accumulated and the income for the running year could be accumulated up to 85% for a period of five years and if such income was applied for the objects of the institution within the next five years, it cannot be said that institution was earning the profit even if there have been surpluses. The surpluses in the present case .....

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