9911796707
TMI Blog2015 (1) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and thereby tried to exercise the power in withdrawing the recognition granted seeking for an exemption from payment of income tax by the petitioner as a charitable trust - the Assessing Authority shall on the facts available as on today, go into the question whether assessee has violated the terms and conditions of Section 11(5) of the Act subject to which, exemption was granted - If it records a finding that there is violation of Section 11(5) of the Act, then it shall bring the said violation to the notice of the prescribed authority - if the prescribed authority decides to rescind the order of exemption granted earlier, it shall do so and shall send a copy of the same to the Assessing Authority as well as to the assessee - this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .4.2008. It is the case of the petitioner that in none of the above exemption orders, there is a reference to the exemption granted for the assessment year 1999-00 to 2000-01. For the assessment year 2001-02, petitioner filed returns claiming that its income was exempted under Section 10(23C)(vi) and he was also eligible for exemption under Section 11 and 12 of the Act. The exemption claimed was not granted on the ground that the petitioner had advanced a sum of ₹ 37 crores to one Dayananad Pai vide agreement dated 8.5.2000 for purchase of land, which was not an admissible investment under Section 11(5) of the Act. It was concluded by the Assessing Officer by recording a finding that the said amount of ₹ 37 crores cannot be cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter was remanded by the Division Bench to the appropriate authority, the appropriate authority commenced its proceeding by letter dated 19.3.2014 with regard to rescinding from giving exemption granted under Section 10(23)(c)(6) of the Act in respect of this petitioner. Of course, the content of the letter indicates that the petitioner is requested to attend the office on that date in person or through a representative duly authorised in this behalf, thereby commencement of very proceeding itself is without giving show cause notice. Apart from that, with regard to investment of ₹ 37 crores made by the real estate agent, it is noticed by the Assessing Officer that there are some irregularities. As such, he sought to opine that there ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
