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Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR
Before: SHRI BHAGCHAND, AM & SHRI KUL BHARAT, JM
PER SHRI KUL BHARAT, J.M.
This appeal by the revenue is directed against the order of ld. CIT (A)-III,
Jaipur dated 12.08.2016 pertaining to assessment year 2008-09. The revenue has
raised the following grounds of appeal :-
“ On the facts and circumstances of the case and in law the CIT (A) has erred in :- 1. Allowing assessee’s claim of exemption u/s 11 even though provisions of sec. 13(1)(d)(iii) are attracted. 2. Treating the surplus of Rs. 43,95,014/- as exempt income in spite of the fact that assessee trust was assessed as AOP and invested the trust money in shares which is not an eligible asset within the meaning of provisions of section 11(5) as such it attracts provisions of section 13(1)(d)(iii) of the I.T. Act.
2 ITA No. 967/JP/2016 M/s. Om Kothari Foundation
Allowing claim of depreciation of Rs. 15, 31,763/- on fixed assets in spite of the fact that the same was allowed as application of income u/s 11 at the time of purchase.
Allowing depreciation without appreciating the fact that the application of 100% expenditure of the capital asset is already allowed as capital expenditure hence further allowance of the depreciation on the same capital asset would amount to double allowance.
Allowing depreciation without appreciating the fact that the assessee has not carried out the business activities but the receipts utilized for charity. As there was no business activity the claim of depreciation was not allowable, the depreciation is allowable only in the case of business or profession or in the case of ‘income from other sources.’
Deleting the addition made on account of donation of Rs. 14,19,900/- in spite of the f act that the assessee trust has lost its exemption by violating the provisions of section 13(1)(d)(iii) of the Act.
B. Any other question of law as deemed fit in the facts and circumstances of the case may also be framed before the Hon’ble Tribunal in the interest of justice.”
None appeared on behalf of the assessee. An application dated 23.02.2017
has been sent seeking adjournment. It is also stated that the issue is covered by the
decision of the Tribunal in the assessee’s own case in ITA Nos. 383 & 384/JP/2016
pertaining to assessment years 2006-07 & 07-08 dated 28.09.2016.
On the contrary, the ld. D/R opposed the submission made in the written
brief.
The request for adjournment is rejected. We find that similar grounds were
raised in the revenue’s appeal in ITA Nos. 383 & 384/JP/2016 and the Coordinate
Bench of the Tribunal vide order dated 28.09.2016 has rejected the grounds of the
revenue thereby dismissing the appeals of the revenue. Taking a consistent view, we
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see no reason to interfere into the order of the ld. CIT (A), which is hereby upheld.
The grounds of the revenue are rejected.
In the result, appeal of the revenue is dismissed.
Order pronounced in the open court on 27/02/2017.
Sd/- Sd/- ( HkkxpUn] ½ ( dqy Hkkjr) (BHAG CHAND ) ( KUL BHARAT ) ys[kk lnL;@Accountant Member U;kf;d lnL;@Judicial Member Jaipur Dated:- 27/02/2017. d/ आदेश की प्रतिलिपि अग्रेषित@ब्वचल वf जीम वतकमत वितूंतकमक जवरू
The Appellant- The ITO (Exemptions), Ward-1, Jaipur. 2. The Respondent – M/s. Om Kothari Foundations, Jaipur. 3. The CIT(A). 4. The CIT, 5. The DR, ITAT, Jaipur 6. Guard File (ITA No. 967/JP/2016) vkns'kkuqlkj@ By order,
सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत
4 ITA No. 967/JP/2016 M/s. Om Kothari Foundation