SHRI CHANDRAPRABHU MAHARAJ DIGAMBER JAIN MANDIR TRUST,PUNE vs. INCOME TAX OFFICER (EXEMPTIONS) WARD 1(1), PUNE

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ITA 672/PUN/2024Status: DisposedITAT Pune29 May 2024AY 2011-12Bench: SHRI R. K. PANDA (Vice President)8 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found merit in the assessee's argument that the deposits were reinvestments of matured old deposits and that the trust was registered under Section 12AA. The issue was restored to the Assessing Officer for fresh adjudication.

What were the facts?

The assessee trust received interest income and had time deposits which remained unexplained. The Assessing Officer reopened the assessment and made additions for unexplained investment and interest income as the assessee failed to file a return or respond to notices.

What were the issues?

Whether the time deposits and interest income of a registered trust are unexplained and taxable when the trust fails to file a return and respond to notices, despite claiming exemption.

Which sections of the Income-tax Act were involved?

Section 69,Section 147,Section 148,Section 142(1),Section 12AA,Section 11

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI R. K. PANDA

For Appellant: Shri Sharad Shah
For Respondent: Shri Gaurav K Singh

per fact and law. I hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes.

11.

In the result, the appeal filed by the assessee is allowed for statistical purposes.

Order pronounced in the open Court on this 29th May, 2024.

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