TMI Blog2019 (5) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned additions made stood deleted. Reference has been drawn to order dated 30.11.2008 of CIT, Central Ludhiana had afterwards considered the activities of the trust as genuine and the objectives as charitable while granting the registration w.e.f. A.Y. 2008-09. A copy of the said order is placed on record, from which it is evident that the date of order of the CIT(C) Ludhiana granting the registration is dated 12.6.2008, and not 30.11.2008 as mentioned in the order of the Hon'ble ITAT. Therefore, respectfully following the decision of the Hon'ble ITAT, the appeal of the assessee allowed Penalty u/s 271(1)(c) - HELD THAT:- What an assessee has to pay by way of penalty is an amount equivalent to the tax sought to be evaded or 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA-291-2014 ( i) Whether on the facts and in the circumstances of the case, the learned ITAT was right in law in allowing the exemption under Section 11 of the Act which was disallowed by the AO as the assessee had not applied 85% of additional income of ₹ 80,01,470/- to charitable or religious purpose in relevant previous year and that further appeal is also filed on the addition of ₹ 80,01,470/-? ( ii) Whether in the facts and circumstances of the case the impugned order dated 30.04.2013 (Annexure A-3) passed by ITAT affirming the order dated 24.07.2012 (Annexure A-2) passed by CIT(A) deleting the additions of ₹ 40,50,850/- of corpus donation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 4.8.2005. During the course of search, unexplained assets as well as incriminating documents were seized. The proceedings under Section 12AA(3) of the Act were initiated. The Commissioner of Income Tax (Central), Ludhiana [in short the CIT(C) ] vide order dated 30.1.2008 cancelled the registration granted to the assessee under Section 12AA of the Act. A corrigendum was issued vide order dated 1.5.2008 by the CIT (C), Ludhiana to make the order under Section 12AA(3) of the Act effective from 1.10.2004. The assessee filed an appeal before the Tribunal against the cancellation of registration who vide order dated 15.2.2010 set aside the said order and remanded the matter back for fresh consideration. During the scrutiny of the income tax r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee had been granted registration under Section 12AA of the Act, therefore, its income had to be computed by giving benefit of Sections 11 and 12 of the Act. The assessee had fulfilled the conditions as provided in Sections 11 and 12 of the Act. In the regular assessment, the income of the assessee was determined at nil. The relevant findings recorded by the Tribunal read thus:- On due consideration of the facts and circumstances, we are of the opinion that assessee has been granted registration U/S 12AA, therefore, its income has to be computed by giving benefit of Section 11 and 12. Section 11 of the Income Tax Act provides that subject to Section 60 to 63 the income derived from property held under tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties of the assessee as genuine and the objectives as charitable had granted the registration w.e.f. assessment year 2008-09. The Tribunal following the decision of the Tribunal for the assessment year 2005-06 had allowed the appeal by noticing as under:- The registration of the assessee trust was cancelled vide order u/s 12AA(3) dated 23.12.2010, restoring the earlier order dated 31.1.2008 made effective from 1.10.2004. Now the Hon'ble ITAT has held that there was nothing on record on the basis of which the registration could be continued to be denied to the assessee-trust as the impugned additions made stood deleted. Reference has been drawn to order dated 30.11.2008 of CIT, Central Ludhiana had afterw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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