Vodafone India Services Ltd. v. CIT

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

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

…es and therefore there is no provision in the Act to disallow statutory deduction under Section 24(a) of the Act. 4. The Learned CIT(A) erred in not following the principles settled by Hon'ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. 368 ITR 531 (Bom) (Page 544) wherein it is held that income chargeable to tax has to be computed u/s. 14 of the Act and therefore income from property has to be computed allowing 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 c…

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

…es and therefore there is no provision in the Act to disallow statutory deduction under Section 24(a) of the Act. 4. The Learned CIT(A) erred in not following the principles settled by Hon'ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. 368 ITR 531 (Bom) (Page 544) wherein it is held that income chargeable to tax has to be computed u/s. 14 of the Act and therefore income from property has to be computed allowing 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 c…

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)

…of income utilized for objects of the Trust. 2. The Learned A.O. as well as Learned CIT(A) have erred in not following the principles settled by Hon'ble Bombay High Court in the case of Vodafone 4 Ms. Nandalal Tolani Charitable Trust India Services Pvt. Ltd. 368 ITR 531 (Bom) (Page 544) which is binding on Department in Mumbai as law of the land wherein it is held that income chargeable to tax has to be computed u/s.l4 of the Act and therefore income from property has to be computed allowing deduction u/s.24(a) of the Act in the case of all assesses including charitable trusts. 3. The Learned A.O. as well as Lea…

NANDLAL TOLANI CHARITABLE TRUST,MUMBAI vs. ITO (E)2(1), MUMBAI

In the result, appeal filed by the assessee is dimissed

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Nandlal Tolani Charitable Vs Ito (E)-2(1), Mumbai Trust, 10-A, Bhkhtawar, Nariman Point, Mumbai 400 021 Pan : Aaatn0043Q Appellant Respondednt

…mption u/sl 1 of the Act on the portion of income utilized for objects of the Trust. 2. The Learned A.O. as well as Learned CIT(A) have erred in not following the principles settled by Hon'ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. 368 ITR 531 (Bom) (Page 544) which is binding on Department in Mumbai as law of the land wherein it is held that income chargeable to tax has to be computed u/s.l4 of the Act and therefore income from property has to be computed allowing deduction u/s.24(a) of the Act in the case of all assesses including charitable trusts. 3. The Learned A.O. as well as Lea…