DATTATRAY N SAWANT HUF,MUMBAI vs. ITO 22(1)(1), MUMBAI

In the result, assessee’s appeal in ITA No 2360/Mum/2013 is partly allowed as indicated above

Bench: Shri Saktijit Dey & Shri Ramit Kochar

Charitable Trust without any monetary consideration as transfer of capital asset and charged tax on the capital gain as per stamp

ACIT 17(1) , MUMBAI vs. MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST, MUMBAI

In the result, both the appeals of the Revenue are dismissed

capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which purpose is charged to tax as per the provisions of section 164(2) which reads as under:- "[(2) In the case of relevant income which is derived from property held under trust wholly for charitable

ACIT-17(1), MUMBAI, MUMBAI vs. MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST., MUMBAI

In the result, both the appeals of the Revenue are dismissed

capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which purpose is charged to tax as per the provisions of section 164(2) which reads as under:- "[(2) In the case of relevant income which is derived from property held under trust wholly for charitable

DY. COMMISSIONER O INCOME TAX (EXEMPTION)-2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST(SHIRDI), MUMBAI

In the result, appeal of assessee is partly allowed and appeals of the revenue are dismissed

gainfully refer to the following observations of the Hon’ble Rajasthan High Court in the case of Shri Marudhar Kesari Sthanakwasi Jain Yadgar Samiti Trust Vs UOI (273 ITR 425), which reads as follows:- “..we may notice that since the judgment was delivered in Upper Ganges Sugar Mills Ltd. v. CIT [1997] 227 ITR 578 (SC), Parliament has intervened

SHREE SAI BABA SANSTHAN TRUST (SHIRDI),MUMBAI vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION) 2(1), MUMBAI

In the result, appeal of assessee is partly allowed and appeals of the revenue are dismissed

gainfully refer to the following observations of the Hon’ble Rajasthan High Court in the case of Shri Marudhar Kesari Sthanakwasi Jain Yadgar Samiti Trust Vs UOI (273 ITR 425), which reads as follows:- “..we may notice that since the judgment was delivered in Upper Ganges Sugar Mills Ltd. v. CIT [1997] 227 ITR 578 (SC), Parliament has intervened

DY. COMMISSIONER O INCOME TAX (EXEMPTION)-2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST(SHIRDI), MUMBAI

In the result, appeal of assessee is partly allowed and appeals of the revenue are dismissed

gainfully refer to the following observations of the Hon’ble Rajasthan High Court in the case of Shri Marudhar Kesari Sthanakwasi Jain Yadgar Samiti Trust Vs UOI (273 ITR 425), which reads as follows:- “..we may notice that since the judgment was delivered in Upper Ganges Sugar Mills Ltd. v. CIT [1997] 227 ITR 578 (SC), Parliament has intervened

DY. COMMISSIONER OF INCOME TAX (EXEMPTION) 2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST (SHIRDI), MUMBAI

In the result, appeal of assessee is partly allowed and appeals of the revenue are dismissed

gainfully refer to the following observations of the Hon’ble Rajasthan High Court in the case of Shri Marudhar Kesari Sthanakwasi Jain Yadgar Samiti Trust Vs UOI (273 ITR 425), which reads as follows:- “..we may notice that since the judgment was delivered in Upper Ganges Sugar Mills Ltd. v. CIT [1997] 227 ITR 578 (SC), Parliament has intervened

MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST,MUMBAI vs. ADDL CIT RG 12(2), MUMBAI

In the result, ground no.4 is allowed for statistical purposes

Bench: Shri Joginder Singh, Jm & Shri R.C.Sharma, Am आमकय अऩीर सिं./Ita No.2389/Mum/2015 (नििाारण वषा / Assessment Year :2010-2011) Mahindra & Mahindra Adcit, Range-12(2), Employees‟ Stock Option Mumbai-20 Trust, Gateway Building, Apollo Bunder, Mumbai- 400001 स्थामी रेखा सिं./ जीआइआय सिं./ Pan/Gir No. : Aahfm 9583 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. यनधावरयती की ओर से /Assessee By : Shri H.P.Mahajani याजस्र् की ओर से /Revenue By : Shri N.P.Singh सुनर्ाई की तायीख / Date Of Hearing : 04/08/2015 घोषणा की तायीख/Date Of Pronouncement 21/10/2015 आदेश / O R D E R Per R.C.Sharma, Am The Present Appeal Is Filed Against The Order Of Cit(A) -28, Mumbai, Dated 26-3-2015 For A.Y.2011-12. 2. During The Course Of Hearing The Assessee Has Filed Concise Grounds Of Appeal. These Have Been Considered By Us For The Adjudication Of This Appeal & Are Reproduced Hereunder :-

capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which is derived from the property held under trust wholly for charitable

RAMKRISHNA BAJAJ CHARITABLE TRUST,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 26(1), MUMBAI, MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am

Charitable Trust Therefore, section 11 to 13 would not operate as overriding affect to the section 10 of the Act. The language of these provisions does not suggest that either section 10 is subjected to the provisions of section 11 to 13 or section 11 to 13 has any overriding affect over section 10. Therefore, the benefit of section

INCOME TAX OFFICER-25(3)(5), MUMBAI vs. NILIMA ABHIJIT TANNU, MUMBAI

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri G. Manjunatha, Am

capital gain earned 19 I.T.A. No. 5923/Mum/2017 and C.O. No. 333/Mum/2018 Nilima Abhijit Tannu towards consideration of new residential house within extended period u/s. 139(4) of the Act, the claim made by assessee for exemption u/s. 54F of the Act could not be denied. The similar issue had also come up before the Hon'ble Guwahati High Court

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

In the result, appeal filed is dismissed in the above terms

Charitable Trust; A.Y. 2014-15 and A.Y. 2015-16 prescribing two conditions. Firstly, it must comprise the total amount of income, profits and gains referred to in section4(1) and, two, must be computed in the manner laid down under the Act. The capital

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)

Charitable Trust Bangalore ITAT in the case of Al Ameen Educational Society (2012) 26 Taxmann.com 250 at Paragraph 9, it is held that in the case of Trusts Capital Gain

VIPASSANA RESEARCH INSTITUTE,MUMBAI vs. ITO (EXEMPTION) - 2(4), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri. Vikas Awasthy & Shri G. Manjunathavipassana Research Institute Vs. Ito(Exemptions)-2(4) 2Nd Floor, Green House Piramal Chambers Green Street, Fort Lalbaug, Parel Mumbai-400 023 Mumbai-400 012 Pan/Gir No.Aaatv1217E (Appellant) .. (Respondent)

trust is transferred and any part of net consideration is utilized for acquiring another capital asset to be so held, then the capital gain 5 Vipassana Research Institute arising from the transfer shall be deemed to have been applied to charitable

SONAL ASHISH SONI,MUMBAI vs. ITO WARD 30(3)(3) , MUMBAI

In the result, the appeal of the assessee is allowed for statistical purpose

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2855/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2016-17) Sonal Ashish Soni बिधम/ Ito, Ward-30(3)(3) C/Om/S Shyam Jewellers Pratyaksha Kar Bhavan, Vs. Shot No. 2-3-4, Guru Nanak C-13, Bandra Kurla Shopping Centre, Shankar Complex, Bandra (E), Lane, Kandivali (W), Mumbai-400051. Mumbai-400067. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Asgps9276A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Nishit Gandhi Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 01/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac, Delhi Dated 13.09.2022 For Ay. 2016-17. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) In Confirming Addition Of Rs.7,78,104/- As Against The Addition Of Rs.31,12,145/- Made By The Ao. 3. Brief Facts As Noted By The Ao Are That The Assessee Is An Individual & Derives Income From Salary & Income From House Property & Income From Other Sources. The Assessee Had Filed Return Of Income Declaring Total Income Of Rs.60,680/- On 28.03.2017 For Ay. 2016-17. The Case Was Selected For Limited Scrutiny Under Cass. The Ao Noted That The Assessee Had Purchased An Immovable Property Jointly With Her Family Member For A Value Of Rs.2,11,00,000/-. However, He Noted From The Purchase Agreement That The Circle Rate/

gains. Likewise, a business as a going concern would constitute a capital asset within the meaning of section 45 of the Act. Route permits, for plying buses, issued by authorities under the Motor Vehicle Act, are property for the deprivation of which compensation is payable to the permit holder, hence, such route permits are capital assets in the hands

DCIT CIR 3(1), MUMBAI vs. VEMBU VAIDYANATHAN, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 Dcit, Shri Vembu Vaidyanathan, Circle-3(1), B-1602, Beaumonde बनाम/ Room No.607, 6Th Floor, Apartments, Appa Saheb Vs. Aayakar Bhavan, Marathe Marg, Prabhadevi, Mumbai-400020 Mumbai-400028 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaipv5796J Shri B. Yadagiri-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Vijay C. Kothari

gains. Likewise, a business as a going concern would constitute a capital asset within the meaning of section 45 of the Act. Route permits, for plying buses, issued by authorities under the Motor Vehicle Act, are property for the deprivation of which compensation is payable to the permit holder, hence, such route permits are capital assets in the hands

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

capital gain shall be deemed to be applied for the objects of the Trust. If only part of the sale proceeds are reinvested, the excess of the re-investment over the cost of the transferred asset is deemed to be applied and qualifies for exemption. The Calcutta High Court, in the case of CIT vs. East India Charitable

SETH WALCHAND HIRACHAND MEMORIAL TRUST,MUMBAI vs. ITO (E) II(1), MUMBAI

In the result, the appeal filed by the assessee is hereby ordered to be Allowed

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm

charitable trust. 9. Ground No.2 is regarding denial of exemption u/s 10(34), 10(35) and 10(38). 9.1 The assessee claimed that dividend income on shares and unit and long term capital gain

PUNJAB KESARI CHARITABLE TRUST,MUMBAI vs. INCOME TAX OFFICER (EXEMPTION) WARD 2(2), MUMBAI

The appeal of the appellant is allowed in above terms

Bench: Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Income Tax Officer (Exemption) – 2(2) Punjab Kesari Charitable Room No. 502, Trust, 5Th Floor, 242, Bhandar Galli, Vs. Piramal Chamber, L.J. Road, Mahim- 400016 Lalbaug- 400012, Mumbai. (Appellant) (Respondent) Pan No. Aaatp0040R Assessee By : Shri. S. M. Kapoor Revenue By : Ms Madhu Malati Ghosh (Cit-Dr)

capital expenditure as well as depreciation. The assessee trust did not submit any reply on that issue. Hence, the claim of assessee of depreciation of Rs.26,21,923/- was disallowed on account of double deduction claimed by the assessee. Further, the assessee has claimed exemption Under Section 11 of the Act, with regard to income from dispensaries and hospital