DCIT CENTRAL CIRCLE 5(3), MUMBAI vs. BREACH CANDY SWIMMING BATH TRUST, MUMBAI

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ITA 1445/MUM/2022Status: DisposedITAT Mumbai08 September 2022AY 2014-1513 pages
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What did the Tribunal hold?

The Tribunal held that interest income from tax-free government bonds is exempt under Section 10(15)(iv) of the Income Tax Act. For AY 2014-15, the issue was remitted back to the AO for verification, while for AY 2015-16, the addition was deleted based on prior tribunal decisions.

What were the facts?

The assessee, a charitable trust, failed to file its income tax return for AY 2014-15. The Assessing Officer (AO) reopened the assessment and denied exemption, taxing a surplus amount. The assessee claimed income from members was not taxable due to the principle of mutuality and interest from tax-free government bonds was exempt.

What were the issues?

Whether interest income from tax-free government bonds is taxable, and whether the principle of mutuality applies to the assessee's income.

Which sections of the Income-tax Act were involved?

Section 10(15)(iv),Section 11,Section 12,Section 147,Section 144,Section 139(4A)

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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA, JM & SHRI OM PRAKASH KANT, AM

For Appellant: Dr. Mahesh Akhade, Ld. DR, Shri Rajeev Waglay, Ld. AR
For Respondent: Shri Rajeev Waglay, Ld. AR

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to : 1. अपीलाथी/ The Appellant प्रत्यथी/ The Respondent 2. 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT- concerned

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