9911796707
TMI Blog2025 (1) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2(15) of the Act has been examined in the case of ACIT Vs. Ahmedabad Urban Development Authority [ 2022 (10) TMI 948 - SUPREME COURT] wherein a detailed order has been made with regard to computation of amounts which constitute receipts from trade, commerce or business. Hence, the matter is referred to the Jurisdictional Assessing Officer to examine the allowability of the claim u/s 11 of the Act in view of the decision of the Hon ble Apex Court. Disallowance of amount write off of non-recoverable amount from the terminated members - Revenue Authorities disallowed the claim on the ground that the assessee was well within their right to recover the dues from the security deposits which has been collected from the members - HELD THAT:- As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in law and in facts in confirming the action of the Id. A.O. in denying the benefit of the claim of exemption u/s 11 by invoking the provisions of section 13(8) r.w.s. 2(15) of the Act and has further erred in holding the appellant to be an AOP whose income is to be assessed as business income. 3. The Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in law and in facts in confirming the action of the Id. A.O. in adding to the income of an amount of Rs. 24,82,968/-, being the surplus as per Income and Expenditure Account denying the claim of exemption u/s 11 of the Act. 4. The Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in law and in facts in conf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is granted registration u/s 12A/AA of the Act. The Revenue Authorities held that the assessee has been covered by the first proviso to Section 2(15) of the Act based on the fees collected by the assessee against the services provided to the members as well as non-members. This matter has been examined by the Tribunal in earlier year and has been referred to the Revenue Authorities to examine the bifurcation of the fees collected from members and non-members. The entire conspectus of Section 2(15) of the Act has been examined by the Hon ble Supreme Court in the case of ACIT Vs. Ahmedabad Urban Development Authority, (2022) 449 ITR 1 (SC), wherein a detailed order has been made with regard to computation of amounts which constitute receip ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
