RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

271(1)(c)/270A of the Act whereas no penalty per se is applicable for income added u/s.115BBC of the Act. We also observe that section 68 converts any credit entry not shown as income in the books of account, into income. For example unsecured loan, share capital, other capital receipts, share premium, sundry creditors etc. whereas in case

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

271(1)(c)/270A of the Act whereas no penalty per se is applicable for income added u/s.115BBC of the Act. We also observe that section 68 converts any credit entry not shown as income in the books of account, into income. For example unsecured loan, share capital, other capital receipts, share premium, sundry creditors etc. whereas in case

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

271(1)(C) for furnishing inaccurate\nparticular of income are hereby initiated separately.\n10. After appreciating the above facts of the case the total income of\nthe assessee is computed as under:\nReturned Income\nNil\nAddition\ni. As per para 7\n: Rs.1,36,50,000/-\nAssessed Income\n: Rs.1,36,50,000/-\n16. Now on going through the reasons

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION , KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

271(1)(C) for furnishing inaccurate\nparticular of income are hereby initiated separately.\n10. After appreciating the above facts of the case the total income of\nthe assessee is computed as under:\nReturned Income\nNil\nAddition\ni. As per para 7\nAssessed Income\n: Rs.1,36,50,000/-\nRs.1,36,50,000/-\n16. Now on going through the reasons recorded/objections

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

271(1)(C) for furnishing inaccurate\nparticular of income are hereby initiated separately.\n10. After appreciating the above facts of the case the total income of\nthe assessee is computed as under:\nReturned Income\n: Nil\nAddition\ni. As per para 7\n: Rs.1,36,50,000/-\nAssessed Income\n: Rs.1,36,50,000/-\n16. Now on going through