Federation Ltd AIR 1989 SC 915, CIT v. Sir Sobha Singh Public Charitable Trust

COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. INDIAN BROADCASTING FOUNDATION

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…implies an expenditure with the objective of generating a financial return or profit. 39. Insofar as judicial precedents on the issue are concerned, we note that the Coordinate Bench of this Court in CIT v. Sir Sobha Singh Public Charitable Trust: (2001) 250 ITR 475 (Delhi) had discussed the scope of the term „investment‟ and highlighted that the „intention to earn income‟ is central to the concept of investment. The Court had observed as under: “The word "investment" means to lay out money in business with a view to obtain income or profit. In order to constitute an investment the amount laid down sho…

DCIT(E)- CIRCLE- 1(1), NEW DELHI vs. INDIAN BROADCASTING FOUNDATION, NEW DELHI

Accordingly, the grounds are not sustainable and the appeal of revenue is dismissed

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaita No. 5589/Del/2018, A.Y. 2015-16 Dcit(E) Vs. Indian Broadcasting Foundation B-304, 3Rd Floor Ansel Plaza Circle-1(1), E-2 Block, Pratyaksh Kar Bhawan, Khel, Dr. Shyama Prasad Mukherjee Gaon Marg, Civic Centre, New Delhi - 110049 New Delhi (Appellant) (Respondent)

…For want of any intention to earn profit by such deployment of funds, in the light of the decisions relied upon by the assessee reported in CIT vs. Uttar Pradesh cooperative Federation Ltd AIR 1989 SC 915, CIT v. Sir Sobha Singh Public Charitable Trust [2001] 250 ITR 475 (Delhi), Anand Charitable Trust v. Commissioner of Wealth-tax [2002] 123 Taxman 494 (Delhi), Director of Income tax v. Alarippu (2000) 111 TAXMAN 511 (Delhi), Director of Income tax v. Acme Educational society (2010) 326 ITR 146 (Delhi), CIT v. Aloo Investment Co. Pvt. Ltd. [1979] 1 Taxman 433 (Bom.), and Third Income-tax Officer v. Jhaverbhai Pa…

ACIT(E)- CIRCLE- 1(1), NEW DELHI vs. INDIAN BROADCASTING FOUNDATION, NEW DELHI

In the result, appeals of the Revenue are dismissed

…of the Act, but an application of income and accordingly, provisions of section 13(1)(d) do not apply. Basing on the decisions reported in CIT vs. Uttar Pradesh cooperative Federation Ltd AIR 1989 SC 915, CIT v. Sir Sobha Singh Public Charitable Trust [2001] 250 ITR 475 (Delhi), Anand Charitable Trust v. Commissioner of Wealth-tax [2002] 123 Taxman 494 (Delhi), Director of Income tax v. Alarippu (2000) 111 TAXMAN 511 (Delhi), Director of Income tax v. Acme Educational society (2010) 326 ITR 146 (Delhi), CIT v. Aloo Investment Co. Pvt. Ltd. [1979] 1 Taxman 433 (Bom.), and Third Income-tax Officer v. Jhaverbhai P…

ACIT(E)- CIRCLE- 1(1), NEW DELHI vs. INDIAN BROADCASTING FOUNDATION, NEW DELHI

In the result, appeals of the Revenue are dismissed

…of the Act, but an application of income and accordingly, provisions of section 13(1)(d) do not apply. Basing on the decisions reported in CIT vs. Uttar Pradesh cooperative Federation Ltd AIR 1989 SC 915, CIT v. Sir Sobha Singh Public Charitable Trust [2001] 250 ITR 475 (Delhi), Anand Charitable Trust v. Commissioner of Wealth-tax [2002] 123 Taxman 494 (Delhi), Director of Income tax v. Alarippu (2000) 111 TAXMAN 511 (Delhi), Director of Income tax v. Acme Educational society (2010) 326 ITR 146 (Delhi), CIT v. Aloo Investment Co. Pvt. Ltd. [1979] 1 Taxman 433 (Bom.), and Third Income-tax Officer v. Jhaverbhai P…