ASSISTANT COMMISSIONER OF INCOME TAX,EXEMPTIONS,CIRCLE,JAIPUR, JAIPUR vs. GLOBAL INSTITUTE OF TECHNOLOGY SOCIETY, JAIPUR RAJASTHAN

ITA 175/JPR/2024Status: DisposedITAT Jaipur27 June 2024AY 2013-14Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that while the advance payment was made to a related company, it was part of a consideration for land purchase, and the assessee had taken possession of the land. Therefore, it was not a case of the trust's income or property being used for the benefit of specified persons. The Tribunal also found no failure on the part of the assessee to disclose material facts, especially since the reassessment notice was issued after four years.

What were the facts?

The Revenue appealed against an order that deemed a reassessment void. The assessee, a society registered for educational purposes, had originally filed a return of income at Nil. The Assessing Officer (AO) reopened the assessment based on information about a significant advance payment made by the assessee to a company where its trustees had substantial interest.

What were the issues?

Whether the reassessment proceedings were validly initiated after four years, and whether the advance payment constituted an application of the trust's income or property for the benefit of specified persons.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 148,Section 13(1)(c),Section 13(3),Section 11,Section 12

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Income Tax Appellate Tribunal, JAIPUR BENCHES, “B” JAIPUR

Before: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 175/JPR/2024

For Appellant: Adv. jktLo dh vksj ls@
Hearing: 01/04/2024Pronounced: 27/06/2024

PER: RATHOD KAMLESH JAYANTBHAI, A.M.

This appeal is filed by the revenue aggrieved from the order of the National Faceless Appeal Centre, Delhi [Here in after referred as (NFAC)] for the assessment year 2013-14 dated 21.12.2023, which in turn arises from the order passed by the DCIT (Exemption), Jaipur passed under Section 147 r.w.s. 143(3) of the Income tax Act, 1961 (in short 'the Act') dated 18.12.20

The order continues below.

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