ALLAHABAD DEVELOPMENT AUTHORITY,ALLAHABAD vs. ACIT (EXEMPTION), LUCKNOW
In the result all three appeals of the Assessee are partly allowed
ITA 88/ALLD/2020[2015-16]Status: DisposedITAT Allahabad31 Jan 2025AY 2015-16
Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudhary
For Appellant: Sh. Ashish Bansal, AdvocateFor Respondent: Sh. Amalendu Nath Mishra, CIT DR
Section 11Section 12Section 143(3)Section 2(15)Section 260A
Gains from AYs. 2014-15 to 2016-17
business and profession’. The net profit disclosed by the assessee of Rs. 6,54,93,137/- was added to the total income of the assessee and penalty proceedings under section 271(1)(c) were initiated.
7.6 Moving on the AO further observed that certain funds and grants shown under the head under
