Indian Kanoon - Search engine for Indian Law

Income Tax Appellate Tribunal - Kolkata

Mahabodhi Society Of India, Kolkata vs Ito, Exemption - 1(4), Kolkata , Kolkata on 28 February, 2018

     IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH : KOLKATA

           [Before Hon'ble Shri A.T. Varkey, JM & Shri M.Balaganesh, AM]
                                S.A.No.16/Kol/2018
                            (A/o I.T.A No. 261 /Kol/2018)
                             Assessment Year : 2007-08

Mahabodhi Soceity of India           -vs-               ITO, Exemption-1(4), Kolkata
[PAN : AAATM 4537 A]
  (Appellant)                                                 (Respondent)


                     For the Appellant : Shri Ravi Tulsiyan, FCA
                   For the Respondent : Shri S. Dasgupta, Addl. CIT (DR)

Date of Hearing : 28.02.2018

Date of Pronouncement :      28.02.2018

                                        ORDER

Per M.Balaganesh, AM

By virtue of this stay application the assessee seeks to keep the demand of Rs. 84,60,510/- for the assessment year 2007-08 in abeyance.

2. The assessee is a charitable institution constituted to carry out charitable objects to impart education, charitable hospital and dispensary to serve the needy people. The assessee is a registered society under West Bengal Societies Registration Act, 1961 vide registration dated 06.12.1915. The assessee's society was granted registration u/s 12AA of the Act on 16.11.1987. The assessee filed its return of income showing NIL income after claiming exempt income u/s 11 of the Act for the assessment year 2007-08. The return was accepted u/s 143(1) on 31.03.2009. The case was later reopened u/s 147 of the Act and reassessment was completed on 30.03.2015 determining the income of the 2 S.A.No.16/Kol/2018 A/o ITA No.261/Kol/2018 Mahabodhi Society of India A.Y.2007-08 assessee at Rs. 1,24,87,870/- and raising a demand of Rs. 84,60,510/-, which is sought to be kept in abeyance by the assessee pursuant to this stay application.

3. We have heard the rival submissions and in the facts and circumstances of the case we deem it fit and appropriate to grant out of turn hearing to the assessee and accordingly the case is fixed for hearing on 06.03.2018. Both the parties are informed in the open Court and no fresh notices would follow.

4. In the result, the stay application of the assessee is dismissed.

Order pronounced in the open Court on 28.02.2018.

          Sd/-                                                  Sd/-
      [A.T. Varkey]                                         [M.Balaganesh]
    Judicial Member                                        Accountant Member

Dated    :   28.02.2018.

SB, Sr. PS

Copy of the order forwarded to:

1. Mahabodhi Society of India, 4A, Bankim Chatterjee Street, Kolkata-700073.

2. ITO, Exemption-1(4), Kolkata, 10B, Middleton Row, Kolkata-700071.

3. CIT(A)- , Kolkata 4. CIT, Kolkata

5. CIT(DR), Kolkata Benches, Kolkata True copy By Order Senior Private Secretary Head of Office/D.D.O., ITAT Kolkata Benches, Kolkata.

S.A.No.16/Kol/2018 A/o ITA No.261/Kol/2018 Mahabodhi Society of India A.Y.2007-08 3