CIT v. Ambalal Sarabhai Trust No.3

173 ITR 683High Court#19598 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2020 to 2023.

Judgments citing CIT v. Ambalal Sarabhai Trust No.3

POONA PANJARPOLE TRUST,PUNE vs. INCOME TAX OFFICER (EXEMPTION), WARD-1(2), PUNE

In the result, the appeal filed by the assessee stands allowed

ITA 163/PUN/2023[2017-18]Status: DisposedITAT Pune06 Oct 2023AY 2017-18
For Appellant: Shri Suhas BoraFor Respondent: Shri M. G. Jasnani
Section 11Section 12ASection 143(3)Section 194ASection 80G

…Hon’ble Kolkata High Court in the case of CIT vs. Hindustan Welfare Trusts, 70 Taxman 93 (Kol.) and in the case of CIT vs. East India Charitable Trust, 73 Taxman 880 (Kol.) and the Hon’ble Gujarat High Court in the case of CIT vs. Ambalal Sarabhai Trust No.3, 173 ITR 683 (Guj.). In the light of settled position of law, we direct the Assessing Officer not to tax interest component of compensation amount, as the same was regarded as application of income. Accordingly, the grounds of appeal filed by the assessee stands allowed. 10. In the result, the appeal filed by the assessee stands allowed. Order pronounced on t…

INCOME-TAX OFFICER (EXEMPTIONS),, PUNE vs. POONA PANJARPOLE TRUST, PUNE

In the result, the appeal filed by the Revenue stands dismissed

ITA 846/PUN/2022[2015-16]Status: DisposedITAT Pune06 Oct 2023AY 2015-16
For Appellant: Shri Suhas BoraFor Respondent: Shri M. G. Jasnani
Section 11Section 12ASection 143(1)Section 154Section 80G

…on’ble Calcutta High Court in the case of CIT vs. Hindustan Welfare Trusts, 70 Taxman 93 (Cal.) and in the case of CIT vs. East India Charitable Trust, 73 Taxman 880 (Cal.) and the Hon’ble Gujarat High Court in the case of CIT vs. Ambalal Sarabhai Trust No.3, 173 ITR 683 (Guj.). Therefore, when the entire income of the assessee trust was applied for charitable purposes, the question of filing of Form No.10 does not arise. The NFAC rightly allowed the claim of the assessee trust. Therefore, we do not find any reason to interfere with the order of the NFAC. Thus, the grounds of appeal filed by the Revenue stand dis…

ITO(EXEMPTION) WARD-1, CHENNAI vs. HINDUSTAN CHAMBER OF COMMERCE, CHENNAI

In the result, the appeals filed by the Revenue are dismissed

ITA 2087/CHNY/2019[2015-16]Status: DisposedITAT Chennai13 Feb 2020AY 2015-16

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.Nos.2086 & 2087/Chny/2019 ("नधा"रण वष" / Assessment Years: 2013-14 & 2015-16) Vs M/S. The Income Tax Officer Hindustan Chamber Of (Exemptions), Commerce, Ward 1, Chennai – 34. Greams Dugar, 5Th Floor South Wing, No.149, Greams Road, Chennai – 600 006. Pan : Aaach 2185E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Ms. R. Anitha, Jcit ""यथ" क" ओर से/Respondent By : Shri B. Gowthaman, Ca

For Appellant: Ms. R. Anitha, JCITFor Respondent: Shri B. Gowthaman, CA
Section 11Section 12ASection 2(15)Section 25

…isition of another capital asset which is nothing but an application of income. He placed reliance on the CBDT Circular Instruction No.883 dated 24.09.1975 and also decision of the Hon’ble Gujarat High Court in the case of CIT vs. Ambalal Sarabhai Trust No.3, 173 ITR 683. 5. We heard the rival submissions and perused the material on record. The only issue involved in the present appeal is whether investment of fixed deposit in bank out of the sale proceeds of asset, could be regarded as the application of income or not. This issue was clarified by the Board vide Instruction No.883 dated 24.09.1975:- “The Board ha…

ITO(EXEMPTION) WARD-1, CHENNAI vs. HINDUSTAN CHAMBER OF COMMERCE, CHENNAI

In the result, the appeals filed by the Revenue are dismissed

ITA 2086/CHNY/2019[2013-14]Status: DisposedITAT Chennai13 Feb 2020AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.Nos.2086 & 2087/Chny/2019 ("नधा"रण वष" / Assessment Years: 2013-14 & 2015-16) Vs M/S. The Income Tax Officer Hindustan Chamber Of (Exemptions), Commerce, Ward 1, Chennai – 34. Greams Dugar, 5Th Floor South Wing, No.149, Greams Road, Chennai – 600 006. Pan : Aaach 2185E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Ms. R. Anitha, Jcit ""यथ" क" ओर से/Respondent By : Shri B. Gowthaman, Ca

For Appellant: Ms. R. Anitha, JCITFor Respondent: Shri B. Gowthaman, CA
Section 11Section 12ASection 2(15)Section 25

…isition of another capital asset which is nothing but an application of income. He placed reliance on the CBDT Circular Instruction No.883 dated 24.09.1975 and also decision of the Hon’ble Gujarat High Court in the case of CIT vs. Ambalal Sarabhai Trust No.3, 173 ITR 683. 5. We heard the rival submissions and perused the material on record. The only issue involved in the present appeal is whether investment of fixed deposit in bank out of the sale proceeds of asset, could be regarded as the application of income or not. This issue was clarified by the Board vide Instruction No.883 dated 24.09.1975:- “The Board ha…

CIT v. Ambalal Sarabhai Trust No.3 (173 ITR 683) — Cited in 4 Judgments | BharatTax