THE INSTITUTE OF INDIA FOUNDRYMEN,KOLKATA vs. ITO, WARD-1(3),EXEMPT, KOLKATA., KOLKATA

ITA 1230/KOL/2023Status: HeardITAT Kolkata12 April 2024AY 2017-18Bench: Shri Rajesh Kumar (Accountant Member), Shri Sonjoy Sarma (Judicial Member)21 pages
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What did the Tribunal hold?

The Tribunal held that the profit derived from the activities was meager or there was a deficit, aligning with the assessee's own case decided by a coordinate bench. Therefore, the assessee is entitled to exemption under Section 11.

What were the facts?

The assessee, Institute of Indian Foundrymen, claimed exemption under Section 11 of the Income Tax Act. The Assessing Officer (AO) treated its activities as commercial, invoking the proviso to Section 2(15), denying exemption. The CIT(A) upheld the AO's order.

What were the issues?

Whether the activities of the assessee, despite receipts exceeding Rs. 10 lakhs, qualify as charitable under Section 2(15) to be eligible for exemption under Section 11, given the meager profits or deficit.

Which sections of the Income-tax Act were involved?

Section 2(15),Section 11

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Income Tax Appellate Tribunal, “A” BENCH: KOLKATA

Before: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Per Rajesh Kumar, AM: These are the appeals preferred by the assessee against the separate orders of the Ld. Commissioner of Income Tax (Appeal)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)”] dated 21.09.2023 for the AY 2015-16, 2016-17 & 2017-18. 2. The common issue raised by the assessee in all these appeals is against the orders of Ld. CIT(A) upholding the assessment orders passed by the AO wherein the Assessment Years: 2015-16, 2016

The order continues below.

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