9911796707
TMI Blog2024 (6) TMI 1302X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.2023 passed by the Income Tax Appellate Tribunal, Rajkot (for short "the Tribunal") in ITA No. 201 to 204/ RJT/2018 for the Assessment Year 2007-08 to 2010-2011:- "1. Whether on the facts and in the circumstances of the case, Hon'ble ITAT Rajkot is correct in holding that notice under Section 148 of the Income Tax Act, 1961 has been issued by the Assessing Officer on incorrect presumption of facts and accordingly liable to be quashed. 2. Ms. Maithili Mehta, learned Standing Counsel has submitted that this appeal is filed in respect of Assessment Year 2010-2011, and pertains to ITA No. 204/Rj/2018. 3. The respondent-assessee Trust is registered under the Bombay Public Trust Act, 1950. The respondent-Trust is registered under Superannu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t B of Schedule-IV of the Income Tax Act, 1961, it is evident that order for withdrawal of approval of the superannuation fund must mention the date from which withdrawal is to take effect. Accordingly, since in the instant facts, the order for withdrawal of approval dated 31-03-2014 did not make any specific mention of the date from which the order for withdrawal of approval shall take effect, the same shall take only effect from the date on which such order has been passed i.e, 31.03.2014. We cannot read any retrospectivity as to the date of operation of the aforesaid order dated 31-03-2014. This is coupled with the fact that the notice for reopening of assessment has been based on an incorrect factual assumption that as on the date of is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause 6 (a) of the Trust Deed, was not considered and any income which is earned on such excess fund, is not exempt from taxation. 8.1 It was further submitted that the notice for reopening of assessment was not based on an incorrect factual assumption whereas in fact the reasons recorded by the Assessing Officer nowhere makes a reference to the order dated 31.3.2014. But, the same are based on the facts that the asseessee has exceeded the limit prescribed in Clause 6(a) of the Trust Deed and claimed it as exempt income based on approval granted by CIT, Jamnagar on 25.1.2005 whereas order dated 31.3.2014 was passed subsequent to the issuance of notice under Section 148 of the Act. 9. Mr. Manish Shah, learned advocate appearing for the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or any part of a superannuation fund which, onion, complies with the requirements of rule 3, and may at time withdraw such approval, if in his opinion, the circumstances the fund or part cease to warrant the continuance of the approval. (2) The Commissioner shall communicate in writing to the trustee the find the grant of approval with the date on which the approval to take effect, and, where the approval is granted subject conditions, those conditions. (3) The Commissioner shall communicate in writing to the trustee of the fund any withdrawal of approval with the reasons for withdrawal and the date on which the withdrawal is to take effect. (4) The Commissioner shall neither refuse nor withdraw approval any superannuation fund or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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