9911796707
TMI Blog2024 (12) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... e Revenue, on the premise that the same is covered by Finance Act, 1984, Circular No.387 dated 6-7-1984 issued by the Income Tax Department. High Court relying on the said Circular observed that where such a trust contravenes the provisions of Section 13(1)(c) or (d) of the Act, the maximum marginal rate of income-tax will apply only to that part of the income which has forfeited exemption under the said provisions. Revenue has manifold contentions to canvass to make good his submission that the High Court was not correct in saying that the second question of law as proposed is covered by Finance Act, 1984 Circular No.387/6.7.1984 As the Income Tax Appeal No. [ 2021 (11) TMI 1190 - BOMBAY HIGH COURT] has already been admitted on one substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al. 2. We have heard the learned counsel appearing for the petitioner Revenue and the learned counsel appearing for the Respondent Assessee. 3. Two substantial questions of law were formulated for the consideration of the High Court which read thus - (i) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in deleting the addition of Rs.22,45,06,500/- made on account of cash donation collected outside the books of accounts, ignoring the presumption cast against the assessee under Section 292C read with Section 132(4A) to explain plethora of evidence seized during the search from residence of Principal Trustee of assessee society? (ii) whether on the facts and in the circumstances of the case and in law, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the said Circular observed that where such a trust contravenes the provisions of Section 13(1)(c) or (d) of the Act, the maximum marginal rate of income-tax will apply only to that part of the income which has forfeited exemption under the said provisions. 9. The learned counsel appearing for the Revenue has manifold contentions to canvass to make good his submission that the High Court was not correct in saying that the second question of law as proposed is covered by Finance Act, 1984 Circular No.387/6.7.1984 10. The learned counsel appearing for the Respondent Assessee submitted that no error not to speak of any error of law could be said to have been committed by the High Court in not admitting the appeal on the second question of la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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