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Documents citing Director Of Income Tax (Exemptions) vs Maharaja Agarsen Technical Education ... on 8 October, 2010

Ito, New Delhi vs M/S National Meat And Polutry ... on 28 June, 2017

In the appellate proceedings, the appellant, in support of the claim of allowability has relied on the judgment of the Hon'ble Delhi High Court in the case of Director of Income Tax (Exemptions) vs. Maharaja Agarsen Technical Education [2011] 196 Taxman 528 wherein the Hon'ble Court has held that amount paid as advance for purchase of land during the relevant assessment year was towards acquisition of capital assets in accordance with section 11. In this case the balance consideration was paid in the immediately next year and the assessee had obtained possession of property and had also got irrevocable power of attorney executed in its favour by the seller of the property.
Income Tax Appellate Tribunal - Delhi Cites 12 - Cited by 0 - Full Document

M/S Karmae Garchen Trust, Kangra vs Jcit, Palampur on 2 November, 2021

6. We have heard the rival submissions of the parties. As pointed out by the Ld counsel, the Ld CIT(E) has revised the assessment order holding that the AO has decided the matter in favour of the assessee without going deep into the issue regarding seized foreign currency and excess income of Rs.2.30 crores over total expenditure. In response to the notice u/s 263 of the Act the assessee submitted that the competent adjudicating authority has given clean chit to the assessee trust by dropping the charges under FEMA, 1999 against the assessee trust. Regarding expenses of 38 lacs against the total receipt of Rs. 2.54 crore, the assessee submitted that an amount of Rs. 2.50 crore was paid as advance for purchase of land and as per the judgment of the Hon'ble ITA No.624-Chd-2019- M/s KarmaeGarchan Trust, Distt. Kangra 6 Delhi High Court in the case of DIT (Exemptions) vs. Maharaja Agarsen Technical Education society (supra), advance for purchase land is to be treated as application of funds. The Ld. counsel further invited our attention to the copy of agreement dated 10.09.2010 to purchase land from Sh. Kul Prakash, Dr. Swtantra Kumar and Sh. Sher Singh for a total consideration of Rs. 2,50,00,000/- and the vendors received Rs. 25,00,000/- vide three cheques drawn on State Bank of India Melodganj, to establish the genuineness of the transaction. The Ld. counsel further pointed out that the venders have submitted affidavits and affirmed the said transaction, copies of the said affidavits are available on record. As mentioned by the Ld. CIT(E), the assessee has submitted copy of aforesaid agreement, cash books maintained by the assessee for the date of advance given to the seller and the ledger Account of (land advance). We further notice that the Ld. CIT(E) has not rebutted the contention of the assessee and only observed that there is no evidence of having been examined these aspects by the AO. Further, the Ld. CIT(E) has not pointed out as to how the assessment order is erroneous. The Ld. CIT(E) has not pointed out any evidence or cogent reason to hold that the assessee trust has received anonymous donation.
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

M/S.Nadigar Sangam Charitable Trust vs The Assistant Director Of Income Tax on 12 February, 2019

11. The Delhi High Court, in its later decision, in the case of Director of Income Tax (Exemptions) v. Maharaja Agarsen Technical Education Society, reported in (2010) 328 ITR 551 (Delhi), following the view of the Hon'ble Supreme Court in the case of S.RM.M.CT.M. Tiruppani Trust, supra, held that the amount paid by the Assessee to M was towards acquisition of a capital asset in accordance with section 11 of the Act, as on receipt of money, M had not only handed over peaceful and vacant possession of the property to the Assessee but had also executed an irrevocable general power of attorney in Assessee's favour. Such amount paid by the Assessee would be exempted under Section 11(1)(a) of the Act.
Madras High Court Cites 20 - Cited by 0 - V Kothari - Full Document
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