9911796707
TMI Blog2022 (7) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee had received shares of Bajaj Auto Ltd. and Bajaj Electrical Ltd. towards its corpus in the year 1972 i.e. prior to 31st March, 1973. Subsequently, in terms of the Scheme of Arrangement of Demerger between Bajaj Auto Ltd., Bajaj Holdings & Investment Ltd., and Bajaj Finserv Ltd., duly approved by the Hon'ble Bombay High Court vide its Order dated 18th December, 2007, the erstwhile share holders of Bajaj Auto Ltd. (Demerged Company) were allotted shares in the above referred three companies. 3. The assessee did not disinvest the said shares within prescribed period of one year from the receipt of these shares, which lead to contravention of the provisions of Section 11(5) of the Act read with Section 13(l)(d) of the Act. Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the scope of rectification u/s 154 of the Act as there was no mistake apparent on record. Accordingly, dismissed the application filed by the assessee on 16/05/2018. 6. As against the order dated 16/05/2018, the assessee has filed an appeal before CIT(A). The Ld.CIT(A) vide order dated 22/04/2019 dismissed the Appeal filed by the assessee. 7. Aggrieved by the same, the assessee has preferred the present Appeal on following grounds:- 1. DENIAL OF DEDUCTION UNDER CHAPTER VI-A/SECTDION 80- G/80GGA READ WITH SECTION 35AC OF THE ACT RS. 24,66,037/-. "1.1On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) [CIT(A)] erred in confirming the denial of Deduction claimed by the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rays that the learned Assessing Officer be directed to grant deduction under Chapter VI-A/ Section 80-G / Section 80-GGA of the Act and reduce the total income of the appellant accordingly. 8. The Ld. Counsel for the assessee submitted that, the Ld.CIT(A) and the Ld. A.O committed grave error in denying the deduction claimed by the assessee for a sum of Rs. 24,66,037/- under Chapter 6-A/80GGA read with Section 35AC of the Act in respect of donations paid to eligible trustee. The Ld. Counsel has also drawn our attention to the order passed u/s 143(3) of the Act, wherein it is specifically observed that, the assessee has not claimed exemption u/s 11 & 12 of the IT Act and the assessee has given donation out of the income received from the di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that in the preceding AY i.e. AY 2013-14 and in the succeeding AY i.e. AY 2015-16 the assessee's claim of deduction under section 80G/80GGA has been accepted by the Department. Ostensibly, the assessee has been making similar donations in the preceding and the succeeding AYs towards Chief Minister's Relief Fund, and donation to some other eligible institutions and the consequent benefit of deduction under section 80G has been allowed to the assessee. In AY 2013-14 in scrutiny assessment proceedings, the assessee's claim was allowed and in Assessment Year 2015-16, the assessee 's claim of deduction u/s 80GGA was accepted by the CPC as is evident from the intimation u/s 143(1) of the Act dated 02/08/2016. Thus, disallowance of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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