DIT (Exemption) v. Jasubhai Foundation

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…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Navjbai Ratan Tata Trust, Mumbai vs. Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Navjbai Ratan Tata Trust, Mumbai vs. Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Navjbai Ratan Tata Trust, Mumbai vs. Additional Director of Income Tax (Exemptions) Range-II(Now Assessed by the Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Navjbai Ratan Tata Trust, Mumbai vs. Additional Director of Income Tax (Exemptions) Range-II(Now Assessed by the Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…l 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, inter- alia, 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 t…

Sir Ratan Tata Trust, Mumbai vs. CIT (Exemption), Mumbai

Bench: Shri G. S. Pannu & Shri Vikas Awasthyआअसं. 773/मुं/2021 (िन.व.2016-17) Sir Ratan Tata Trust, Bombay House, 24, Homi Modi Street, Fort, Mumbai-400001. Pan: Aaats1013P ...... अपीलाथ" /Appellant बनाम Vs. Cit (Exemptions), Room No.617, 6Th Floor, Piramal Chambers, Lalbaug, Parel, Mumbai-400012 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Sh. Sukhsagar Syal, Advocate "ितवादी "ारा/Respondent By : Sh. Amol Kirtane, Cit-Dr सुनवाई की ितिथ/ Date Of Hearing : 15/12/2021 घोषणा की ितिथ/ Date Of Pronouncement : 16/02/2022 आदेश/ Order

…refore, 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 आअसं.773/मुं/2021(िन.व.2016-17) 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 c…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

…ssment can be made based on change of opinion of the ld. AO. Moreover, we also find that the very same issue was subject matter of adjudication by the Hon’ble Jurisdictional High Court in the case of DIT (Exemptions) Mumbai vs. Jasubhai Foundation reported in 374 ITR 315 (Bom). One of the questions raised before the Hon’ble Jurisdictional High Court was as under:- “(A) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was justified in granting exemption u/s. 10(33} and 10(38) to the tune of Rs. 25.96 lakhs and Rs. 3.21 lakhs respectively, when this income forms a part of…

ITO 17 (2)(3), Mumbai vs. M/S Mahakalp Arogya Pratisthan, Mumbai

In the result, the appeal is allowed

Bench: Hon'Ble Supreme Court Due To Low Tax Effect."

…, if applied for charity and not u/s. 10 of the Income Tax Act,1961?" 2. "Whether on the facts and circumstances of the case, the Ld. CIT(A) was right in replying on the judgment of Hon'ble Bombay High Court ITAT in the case of DIT(E) Vs. Jasubhai Foundation 374 ITR 315 (Bom) which is distinguishable to the facts of the assessee's case as in the above case, exemption u/s. 11 is denied to the assessee due to the violation of section 13(1 )(d) of the Income Tax Act, 1961, even through the Income Tax Department has not filed SLP before Hon'ble Supreme Court due to low tax effect." 3. "The appellant prays that the…

ITO, 17(3)(3), Mumbai vs. Shishir Bajaj Charitable Trust, Mumbai

In the result, the appeal is dismissed

…ncome 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. Jasubhai Foundation [(2015) 374 ITR 315 (Bom)] has answered this question in favour of the assessee and observed as follows:- "8. Upon the perusal of the order of the Assessing Officer and that of the Commissioner upholding it, we are of the view that the Tribunal was these concurrent orders. The language of the two sections are plain and clear. The provisions, namely, sections 10 and…

ITO 17(3)(3), Mumbai vs. M/S Shekhar Bajaj Charitable Trust, Mumbai

In the result, the appeal is dismissed

…me 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:- "8. Upon the perusal of the order of the Assessing Officer and that of the Commissioner upholding it, we are of the view that the Tribunal was these concurrent orders. The language of the two sections are plain and clear. The provisions, namely, sections 10 and 11 fal…

J.R.D Tata Trust, Mumbai vs. CIT (E), Mumbai

In the result, the appeal is allowed

…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 Assessment year: 2014-15 Page 31 of 43 III). Section 10 deals with incomes not included in total income whereas section 11 deals w…

Ratan Tata Trust, Mumbai vs. CIT (E), Mumbai

In the result, the appeal is allowed

…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 Assessment year: 2014-15 Page 31 of 43 III). Section 10 deals with incomes not included in total income whereas section 11 deals w…

Nandalal Tolani Charitable Trust, Mumbai vs. ADIT (E) - II (2), Mumbai

In the result, appeal of the assessee is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Nandlal Tolani Vs. Asst. Director Of Income Charitable Trust Tax (Exem.)Ii(2), Mumbai 10-A, Bakhtawar R.P.Goenka Marg Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaatn0043Q (Appellant) .. (Respondent)

…the Act in the case of all assesses including charitable trusts. 3. The Learned A.O. as well as Learned CIT(A) have 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 c…