9911796707
TMI Blog2011 (10) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... the files of the Assessing Officer. - I.T.A. No. 1376/Del/2011 - - - Dated:- 14-10-2011 - C. L. Sethi (Judicial Member) And Shamim Yahya (Accountant Member) For the Petitioner : Ved Jain, Rano Jain For the Respondent : A. K. Monga ORDER Shamim Yahya (Accountant Member) This appeal by the assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 24.1.2011 pertaining to assessment year 2006-07. 2. The grounds read as under:- (i) On the facts and circumstances of the case, the order passed by Ld. Commissioner of Income Tax (Appeals) is bad both in the eye of law and on facts. (ii) On the facts and circumstances of the case, the order passed by Ld. Commissioner of Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lter any of the grounds of appeal. 3. In this case the assessment was framed u/s 143(3) of the IT Act and Assessing Officer had treated the donation amounting to ₹ 74,05,400/- as unexplained deposits. This was as in the opinion of the Assessing Officer that assessee has not been able to produce the credible evidence regarding the genuineness and creditworthiness of the donations. 4. Upon assessee s appeal Ld. Commissioner of Income Tax (Appeals) confirmed the Assessing Officer s action. 5. Against the above order the assessee is in appeal before us. 6. Ld. counsel of the assessee has made an alternate submission that even if the donation is treated as income of the assessee, assessee cannot be denied benefit for exemptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese reasons, there is no merit in the appeal. No substantial question of law arises. 6.1 Other submissions of the assessee in this regard are as under:- In the alternative and without prejudice to above, the action of the Assessing Officer in assessing ₹ 74,05,400/- as income in isolation is otherwise untenable in the eye of law as the appellant trust being eligible under section 11 of the Act, as held by Assessing Officer himself by allowing exemption, the Assessing Officer has to consider the total income of the appellant trust and then workout the application so as to compute the correct taxable income, if any. In this regard the detailed computation at paper book page 106 clearly shows that the application of income was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied in ignoring the provisions of Section 11(1)(a) and assessing the income at ₹ 74,05,400/- in isolation. This issue is also covered by the following judgements:- i) Keshav Social and Chartitable Foundation 278 ITR 152 (Delhi) ii) Bharat Kalyan Pratistan 257 ITR 609. iii) Director of Income Tax (Exemption) vs. Moti Bagh Mutual Aid Education 200 ITR 190. iv) ACIT vs. Geentajali Education Society 1 DTR 60. v) Calorex Foundation vs. ADIT (Exemption) ITA No. 1494/Del/2003 (Del) decided on 20 th June, 2005. 7. We have carefully considered the submissions and perused the records. We find that the proposition made by the ld. counsel of the assessee is cogent enough, the same is duly supported the Hon ble Jur ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
