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Facts
The assessee, Tattwajnana Vidyapeeth, filed appeals against orders concerning assessment years 2009-10, 2010-11, and 2011-12. The appeals involved identical issues, and the primary facts concerned income derived from dividend and agricultural sources claimed as exempt under Section 10 of the Income Tax Act.
Held
The Tribunal held that income derived from dividend and agricultural sources, claimed as exempt under Section 10 of the Income Tax Act, cannot be subjected to Section 11 provisions. Furthermore, the disallowance of Rs. 1,15,00,000/- as advance for construction was restored to the AO for verification due to additional evidence submitted.
Key Issues
Whether income claimed as exempt under Section 10 is subject to Section 11 provisions; and whether advance for construction can be disallowed without proper verification of facts and evidence.
Sections Cited
10(34), 10(1), 11, 11(2), 147, 10(36), 10(38), 11(1), 198, 194A
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI SANDEEP GOSAIN, HON’BLE & SHRI PRABHASH SHANKAR, HON’BLE
आदेशकी�ितिलिपअ�ेिषत/Copy of the Order forwarded to : Copy of the Order forwarded to : अपीलाथ�/ The Appellant 1. / The Appellant ��थ�/ The Respondent 2. संबंिधतआयकरआयु�/ Concerned Pr. CIT 3. / Concerned Pr. CIT आयकरआयु� अपील 4. ( ) / The CIT(A) / The CIT(A)- िवभागीय�ितिनिध ,आयकरअपीलीयअिधकरण 5. आयकरअपीलीयअिधकरण,मुंबई/DR,ITAT, Mumbai, गाड�फाई/Guard file. 6.
आदेशानुसार/ BY ORDER, आदेशानुसार TRUE COPY
Assistant Registrar आयकरअपीलीयअिधकरण आयकरअपीलीयअिधकरण ITAT, Mumbai Sr. Initial No. Date 1. Draft dictated on Draft dictated on 19/11/2024 Sr.PS 2. Draft placed before author Draft placed before author 21/11/2024 Sr.PS
Draft proposed & placed Draft proposed & placed JM/AM before the second member before the second member 4. Draft discussed/approved discussed/approved JM/AM by Second Member. by Second Member. 5. Approved Draft comes to Approved Draft comes to /11/2024 Sr.PS/PS the Sr.PS/PS 6. Kept for pronouncement on Kept for pronouncement on /11/2024 Sr.PS 7. File sent to the Bench Clerk File sent to the Bench Clerk /11/2024 Sr.PS 8. Date on which file goes to Date on which file goes to the AR 9. Date on which file goes to which file goes to the Head Clerk. the Head Clerk. 10. Date of dispatch of Order. Date of dispatch of Order. 11. Dictation Pad is enclosed Dictation Pad is enclosed Yes