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M/s. Vijayawada Sri Lakshmi Narasimha Ramanuja Kutam Trust Versus ACIT, Circle-1 (1) , Vijayawada

2017 (10) TMI 375 - ITAT VISAKHAPATNAM

Income exempt to assessee having 12A registration - income brought to tax by the Assessing Officer at maximum marginal rate confirmed by CIT-A - determination of status of appellant - Held that:- The appellant had not applied 85% of the surplus amount for the purposes of trust, it had also admitted that permission was not sought for accumulation of the surplus amount u/s. 11(2) of the Act. Consequently, Assessing Officer determined the taxable income at ₹ 71,840/- on the ground that 85% of .....

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inal rate is in order - Decided against assessee. - ITA No. 60/VIZ/2017 - Dated:- 6-10-2017 - Shri V. Durga Rao, Hon'ble Judicial Member Assessee by : None Department By : Shri R.S. Aravindaksham - Sr.DR ORDER This is an appeal filed by the assessee against the order of Commissioner of Income Tax (Appeals), Vijayawada, dated 28/09/2016 for the Assessment Year 2010-11. 2. Facts are in brief that the assessee is a trust granted registration under section 12A of the Act on 04/02/1998. The activ .....

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society and there was surplus of income of ₹ 71,837/- as per income & expenditure statement which is brought to tax at maximum marginal rate and accordingly assessment is completed. 3. Being aggrieved, assessee carried the matter in appeal before the ld. CIT(A). It was submitted before the ld. CIT(A) that the income brought to tax by the Assessing Officer maximum marginal rate is not correct and the entire income is exempt being assessee having 12A registration. The ld. CIT(A) after c .....

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s income and expenditure account for Assessment Year 2010-11 are as follows:- Rental receipt received by appellant ₹ 1,15,440 Add: Interest on bank S.B. A/c ₹ 1,974 Total gross receipt of income ₹ 1,17,414 Less: Municipal taxes paid ₹ 14,775 Other expenditure like puja/salary/ Electrical charges ₹ 30,802 Total expenditure Rs. 45,577 Surplus of income over expenditure ₹ 71,837/- (Rs. 1,17,414 (-) ₹ 45,577) 6.2 Thus it is evident that the appellant had not .....

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come by filing an application in Form No.10 on the belief that its gross income itself is below taxable income and hence not liable to tax. This claim of appellant is not in accordance with the provisions of IT Act. In the case of trusts, any surplus of income over expenditure is taxable if 85% of such surplus was not utilized for the objects of the trust during relevant previous year and permission for accumulation of the surplus was not sought as per provisions of Sec.11(2) of the Act 6.4 As c .....

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