DIT (Exemption) v. Jasubhai Foundation

RAMKRISHNA BAJAJ CHARITABLE TRUST,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 26(1), MUMBAI, MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am

…e as a charitable institution. This question is no longer res integra, and learned representatives do not dispute that position. As learned representatives fairly agree, Hon'ble jurisdictional High Court in the case DIT (E) vs. M/s. Jasubhai Foundation (2015) 374 ITR 315 has answered this question in favour of the assessee and observed as follows:- There is nothing in the language of section 10 and/ or section 11 which what is provided by section 10 or there with is not to be taken into consideration or omitted from the purview of section 11. If the except the government of Mr. Malhotra and the Revenue, the same…

ASSISTANT COMMISSIONER OF INCOME TAX, KAUTILYA BHAVAN, BKC, MUMBAI vs. TATA EDUCATION TRUST, MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

…al with income derived from property held under trust. 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

TATA EDUCATION TRUST,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-17(3), MUMBAI

In the result, Revenue's appeal is dismissed

…ith income derived from property held under trust.\n11.3 In appeal against the aforesaid disallowance, the CIT(A) vide\norder dated 18.12.2017 following the decision of Hon'ble\nJurisdictional High Court in the case of DIT (Exemption) v. Jasubhai\nFoundation: 374 ITR 315, interalia, allowed the appeal of the assessee\nand directed the AO to grant benefit of provision of section 10(34) of\nthe Act in respect of dividend income of Rs.115,47,80,338.\n11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is\nin appeal before us. It is pertinent to note that section 10 and section\n11 of the Act fall under…

TATA EDUCATION TRUST ,MUMBAI vs. ASSISTANT COMMISSIIONER OF INCOME TAX CIRCLE 17(3), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

…al with income derived from property held under trust. 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

TATA EDUCATION TRUST ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -17(3), MUMBAI

In the result, Revenue's appeal is dismissed

…ith income derived from property held under trust.\n11.3 In appeal against the aforesaid disallowance, the CIT(A) vide\norder dated 18.12.2017 following the decision of Hon'ble\nJurisdictional High Court in the case of DIT (Exemption) v. Jasubhai\nFoundation: 374 ITR 315, interalia, allowed the appeal of the assessee\nand directed the AO to grant benefit of provision of section 10(34) of\nthe Act in respect of dividend income of Rs.115,47,80,338.\n11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is\nin appeal before us. It is pertinent to note that section 10 and section\n11 of the Act fall under…

ASSISTANT COMMISSIONER OF INCOME TAX- 26(1), MUMBAI, MUMBAI vs. TATA EDUCATION TRUST, MUMBAI

In the result, Revenue's appeal is dismissed

…h income derived from property held under trust.\n\n11.3 In appeal against the aforesaid disallowance, the CIT(A) vide\norder dated 18.12.2017 following the decision of Hon'ble\nJurisdictional High Court in the case of DIT (Exemption) v. Jasubhai\nFoundation: 374 ITR 315, interalia, allowed the appeal of the assessee\nand directed the AO to grant benefit of provision of section 10(34) of\nthe Act in respect of dividend income of Rs.115,47,80,338.\n\n11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is\nin appeal before us. It is pertinent to note that section 10 and section\n11 of the Act fall und…

TATA EDUCATION TRUST ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEPTION) -CIRCLE 2(1), MUMBAI

In the result, Revenue's appeal is dismissed

…ith income derived from property held under trust.\n11.3 In appeal against the aforesaid disallowance, the CIT(A) vide\norder dated 18.12.2017 following the decision of Hon'ble\nJurisdictional High Court in the case of DIT (Exemption) v. Jasubhai\nFoundation: 374 ITR 315, interalia, allowed the appeal of the assessee\nand directed the AO to grant benefit of provision of section 10(34) of\nthe Act in respect of dividend income of Rs.115,47,80,338.\n11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is\nin appeal before us. It is pertinent to note that section 10 and section\n11 of the Act fall under…

TATA EDUCATION TRUST ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-CIRCLE 2(1), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

…al with income derived from property held under trust. 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

TATA EDUCATION TRUST,MUMBAI vs. ACIT-17(3), MUMBAI

In the result, Revenue's appeal is dismissed

…ith income derived from property held under trust.\n11.3 In appeal against the aforesaid disallowance, the CIT(A) vide\norder dated 18.12.2017 following the decision of Hon'ble\nJurisdictional High Court in the case of DIT (Exemption) v. Jasubhai\nFoundation: 374 ITR 315, interalia, allowed the appeal of the assessee\nand directed the AO to grant benefit of provision of section 10(34) of\nthe Act in respect of dividend income of Rs.115,47,80,338.\n11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is\nin appeal before us. It is pertinent to note that section 10 and section\n11 of the Act fall under…

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. ADDITIONAL /JOINT/DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX, NFAC, MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…er section 11 on this income. Therefore, even if the assessee is to be declined exemption under section 11 in respect of dividend income on these shares, he will be eligible for exemption under section 10(34). In the case of DIT Vs Jasubhai Foundation [(2016) 374 ITR 315 (Bom)], Hon’ble jurisdictional High Court has also observed as follows: …….The provisions, namely, sections 10 and 11 fall under a Chapter which is titled “Incomes Which Do Not Form Part of Total Expenditure” (Chapter III). Section 10 deals with incomes not included in total income whereas section 11 deals with income from property held for chari…

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-2(1), MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

…er section 11 on this income. Therefore, even if the assessee is to be declined exemption under section 11 in respect of dividend income on these shares, he will be eligible for exemption under section 10(34). In the case of DIT Vs Jasubhai Foundation [(2016) 374 ITR 315 (Bom)], Hon’ble jurisdictional High Court has also observed as follows: …….The provisions, namely, sections 10 and 11 fall under a Chapter which is titled “Incomes Which Do Not Form Part of Total Expenditure” (Chapter III). Section 10 deals with incomes not included in total income whereas section 11 deals with income from property held for chari…

NANDLAL TOLANI CHARITABLE TRUST,MUMBAI vs. ITO EXEM WARD 2(1), CUMBALLA HILL, MUMBAI

Bench: Shri. Om Prakash Kant & Shri. Raj Kumar Chauhan

…owing deduction u/s.24(a) of the Act in the case of all Assessees including charitable trusts. 5. The Learned CIT(A) erred in not following judgement of Hon'ble Bombay High Court in the case of Director of Income-tax (Exemption) vs. Jasubhai Foundation (2015) 374 ITR 315 wherein it is held that income which is not to be included in Total Income as per the provisions of Act cannot be included in Taxable Income of the Trust entitled to exemption of certain income u/s. 10 and u/s 11 of the Act and therefore 30% of income excluded from Income from Property u/s.24(a) of the Act cannot be charged to tax in the case of…

NANDLAL TOLANI CHARITABLE TRUST,MUMBAI vs. ITO (EXEMPTION), WARD-2(1), MUMBAI

…owing deduction u/s.24(a) of the Act in the case of all Assessees including charitable trusts. 5. The Learned CIT(A) erred in not following judgement of Hon'ble Bombay High Court in the case of Director of Income-tax (Exemption) vs. Jasubhai Foundation (2015) 374 ITR 315 wherein it is held that income which is not to be included in Total Income as per the provisions of Act cannot be included in Taxable Income of the Trust entitled to exemption of certain income u/s. 10 and u/s 11 of the Act and therefore 30% of income excluded from Income from Property u/s.24(a) of the Act cannot be charged to tax in the case of…

M/S ROGAY CHARITIES NO.1,MUMBAI vs. ITO (EXEMPTION)-2(2), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Rogay Charities No. 1 V. Income Tax Officer (Exemptions) – 2(2) 518, Piramal Chambers 123, Bapu Khote Street Lalbaug, Mumbai – 400 012 2Nd Floor, Pydhonie Mumbai - 400003 Pan: Aaatn0484F (Appellant) (Respondent) Assessee By : Shri Tanzil Padvekar Department By : Shri Mahita Nair

…e in the interest of justice.” 8. Considered the rival submissions and material placed on record, and we observe that similar issue was already considered by Hon'ble Jurisdictional High Court in the case of DIT (Exemptions) v. M/s. Jasubhai Foundation [2015] 374 ITR 315 (BOM)], wherein it is held as under: - “8. Upon a perusal of the order of the Assessing Officer and that of the Commissioner upholding it, we are of the view that the Tribunal was correct in setting aside these concurrent orders. The language of the two sections is plain and clear. The provisions, namely, sections 10 and 11 fall under a Chapter w…

R.D.TATA TRUST,MUMBAI vs. ITO (E)-2(2) (NOW ASSESSED BY THE ASSTT.CIT 17(3)), MUMBAI

Accordingly, Ground No.3 to 5 raised by the Revenue are dismissed

…of exemption of dividend income amounting to INR 7,07,04,000/- under Section 10(34) of the Act by following the decision of Hon‟ble Bombay High Court in ITA. No. 3155 & 3081/Mum/2018 Assessment Year: 2012-13 the case of DIT(E), Mumbai vs. Jasubhai Foundation: 374 ITR 315 (Bombay) and also granted the benefit of carry forward of deficit of INR 4,15,08,853/- to the subsequent assessment years by following the decision of Hon‟ble Bombay High Court in the case of CIT vs. Institute of Banking Personnel Selection (IBPS): 264 ITR 110 (Bombay). 6. Now, both, the Revenue as well as the Assessee are before us in cross-app…

ACIT- 17 (3), MUMBAI vs. TATA EDUCATION TRUST, MUMBAI

In the result, both the appeals of the assessee’s and revenue

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 3079/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Tata Social Welfare Trust बिधम/ Ito (Exemption)-2(4) Bombay House, (Now Assessed By The Acit- Vs. 24, Homi Mody Street, 17(3), Mumbai), Piramal Fort, Mumbai-400001. Chambers, Lalbaug, Parel, Mumbai-400012. Pan No: Aaatt9834B

…2-13 Tata Social Welfare Trust & Tata Education Trust 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

ACIT- 17 (3), MUMBAI vs. TATA SOCIAL WELFARE TRUST, MUMBAI

In the result, both the appeals of the assessee’s and revenue

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 3079/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Tata Social Welfare Trust बिधम/ Ito (Exemption)-2(4) Bombay House, (Now Assessed By The Acit- Vs. 24, Homi Mody Street, 17(3), Mumbai), Piramal Fort, Mumbai-400001. Chambers, Lalbaug, Parel, Mumbai-400012. Pan No: Aaatt9834B

…2-13 Tata Social Welfare Trust & Tata Education Trust 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

TATA EDUCATION TRUST,MUMBAI vs. ITO (E)-2(4) (NO ASSESSED BY THE ACIT 17(3), MUMBAI

In the result, both the appeals of the assessee’s and revenue

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 3079/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Tata Social Welfare Trust बिधम/ Ito (Exemption)-2(4) Bombay House, (Now Assessed By The Acit- Vs. 24, Homi Mody Street, 17(3), Mumbai), Piramal Fort, Mumbai-400001. Chambers, Lalbaug, Parel, Mumbai-400012. Pan No: Aaatt9834B

…2-13 Tata Social Welfare Trust & Tata Education Trust 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…

TATA SOCIAL WELFARE TRUST ,MUMBAI vs. ITO(E)-2(4) (NOW ASSESSED BY THE ACIT-17(3) ), MUMBAI

In the result, both the appeals of the assessee’s and revenue

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 3079/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Tata Social Welfare Trust बिधम/ Ito (Exemption)-2(4) Bombay House, (Now Assessed By The Acit- Vs. 24, Homi Mody Street, 17(3), Mumbai), Piramal Fort, Mumbai-400001. Chambers, Lalbaug, Parel, Mumbai-400012. Pan No: Aaatt9834B

…2-13 Tata Social Welfare Trust & Tata Education Trust 11.3 In appeal against the aforesaid disallowance, the CIT(A) vide order dated 18.12.2017 following the decision of Hon‟ble Jurisdictional High Court in the case of DIT (Exemption) v. Jasubhai Foundation: 374 ITR 315, interalia, allowed the appeal of the assessee and directed the AO to grant benefit of provision of section 10(34) of the Act in respect of dividend income of Rs. 115,47,80,338. 11.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. It is pertinent to note that section 10 and section 11 of the Act fall under the…