DCIT, BANGALORE vs. M/S B S & G FOUNDATION,, BANGALORE

In the result, Revenue’s appeal for asst

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boazthe Dy. Commissioner Of Income-Tax (Exemptions), Bengaluru. . Appellant Vs. M/S B S & G Foundation, 502, 2Nd Floor, 5Th ‘C’ Main, 5Th Cross, 2Nd Block, Hrbr Layout, Kalyannagar, Bangalore. . Respondent Pan – Aaatb6131D. Appellant By : Smt. Padmameenakshhi, Jcit Respondent By : Shri R.T Balasubramanyam, C.A Date Of Hearing : 28-9-2017 Date Of Pronouncement : 4-10-2017 O R D E R

trust or institution on the value of assets which has already been allowed ITA No.884/B/16 7 as application of income u/s 11(1) by inserting sub- section (6) of Section 11, w.e.f 01.04.2015, such amendment cannot be construed as effective prospectively inasmuch as in accordance with the ratio laid down by the Hon'ble Supreme Court in the case

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST ,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL , BENGALURU

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

sections of people without any discrimination of caste, creed race or religion. (c) To assist, promote, establish, run, takeover and or manage orphanage, rescue and/or half-way homes for destitute, aged and the inform and/or senior citizens without discrimination of caste, creed, race, religion, status or standing. (d) To give out grants, scholarships, stipends, rewards, awards, certificates, financial

KARNATAKA CHINMAYA SEVA TRUST,BENGALURU vs. DCIT-(EXEMPTIONS) CIRCLE-1, BANGALORE

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

trust received donations in the aggregate sum of Rs.2,57,376. It applied thereout for its charitable purposes the aggregate sum of Rs. 1,70,369 leaving a balance of Rs. 87,010. The question is whether the assessee is entitled to accumulate twenty-five per cent.of Rs.2,57,376 as it contends, or twenty-five per cent

KARNATAKA CHINMAYA SEVA TRUST,BENGALURU vs. DCIT-(EXEMPTIONS) CIRCLE-1, BANGALORE

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

trust received donations in the aggregate sum of Rs.2,57,376. It applied thereout for its charitable purposes the aggregate sum of Rs. 1,70,369 leaving a balance of Rs. 87,010. The question is whether the assessee is entitled to accumulate twenty-five per cent.of Rs.2,57,376 as it contends, or twenty-five per cent

SRI SRINIVASA TRUST,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), BANGALORE

In the result, the appeal of the assessee is hereby allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

70,207.00 only whereas as per the provisions of section 11(5) of the Act, the assessee was required to make an investment of ₹54,61,28,031 to claim the deduction under section 11(2) of the Act. The assessee to substantiate its contention placed its reliance on the judgment of Hon’ble High Court of Madars

SRI SRINIVASA TRUST,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), BANGALORE

In the result, the appeal of the assessee is hereby allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

70,207.00 only whereas as per the provisions of section 11(5) of the Act, the assessee was required to make an investment of ₹54,61,28,031 to claim the deduction under section 11(2) of the Act. The assessee to substantiate its contention placed its reliance on the judgment of Hon’ble High Court of Madars

ASSISTANT COMMISSIONER OF INCOME TAX, (EXEMPTIONS), CIRCLE-1, MANGALURU vs. M/S. T.A. PAI MANAGEMENT INSTITUTE,, MANGALURU

In the result, Revenue's appeal for Assessment Year 2010-11 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boazi.T. A. No.2688/Bang/2017 (Assessment Year : 2010-11) The Assistant Commissioner Of Vs. M/S. T. A. Pai Management Institute, Income-Tax (Exemptions), Post Box No.9, Circle–1, 80 Badagabettu, Manipal, Mangalore. Pan : Aaatt 2248 R Appellant Respondent Revenue By : Shri. Pradeep Kumar, Cit Assessee By : Shri. M. Sridhar Kamath, Ca Date Of Hearing : 29.04.2019 Date Of Pronouncement : 12.06.2019 O R D E R

70 to 79 are also not applicable to the charitable trusts/institutions. Page 4 of 12 c) The CIT (A) has failed to discuss the issue in detail bringing out the facts and applying the relevant provisions of the Act, but came to a conclusion that excess expenditure/excess application shall be allowed to be carried forward and set-off against

SANGHAMITRA RURAL FINANCIAL SERVICES,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, EXEMPTIONS CIRCLE-1, BANGALORE

In the result, appeals of the assessee are dismissed

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

sections of the society. The Ld.AO has not substantiated his findings, that the work of the trust is not charitable and the interest charged by the assessee does not commensurate with the cost incurred by it. The Ld.AO placed nothing on record to show that the assessee is charging exorbitant interest. The action of the Ld.AO might have justified

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), BANGALORE vs. M/S SRI BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SANGHA , BAGALKOTE

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), BANGALORE vs. SRI V C CHARANTIMATH , BAGALKOT

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), BANGALORE vs. SRI.V.C.CHARANTIMATH , BAGALKOT

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

SRI BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SAGHA,BAGALKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BENGALURU

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), BANGALORE vs. M/S SRI BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SANGHA , BAGALKOTE

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(2), BENGALURU vs. M/S. SRI. BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SANGHA, BAGALKOTE

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), BANGALORE vs. M/S SRI BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SANGHA , BAGALKOTE

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

SRI BASAVESHWAR VEERSHAIVA VIDYAVARDHAK SANGHA,BAGALKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BENGALURU

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

SRI BASAVESHWAR VEERASHAIVA VIDYAVARDHAK SANGHA,BAGALKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), , BENGALURU

In the result, the assessee’s appeals in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Trust Act, 1950. The assessee is also 'registered under section 12A of the Income-tax Act,1961 ['the Act' for short] w.e.f 01.04.1992 vide Registration No.A11548/CIT — II dated 20.11.1992. The assessee is recognized under section 80G of the Act on 24.02.2012. Assessee is notified under section 35AC of the Act vide notification no. F.No.NC- 270/371/2008 dated

SANGHAMITRA RURAL FINANCIAL SERVICES,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, EXEMPTIONS CIRCLE-1, BANGALORE

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

sections of the society. The Ld.AO has not substantiated his findings, that the work of the trust is not charitable and the interest charged by the assessee does not commensurate with the cost incurred by it. The Ld.AO placed nothing on record to show that the assessee is charging exorbitant interest. The action of the Ld.AO might have justified