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M/S. A V M Charities, Chennai vs Ito, Exemptions Ward-1, Chennai, ... on 27 March, 2024 cites

C.I.T.-Iii,Pune vs Rajasthan And Gujarati Charitable ... on 13 December, 2017

acquisition/purchase of fixed assets has been allowed as application of income u/s.11(1)(a) of the Act, when such fixed assets were purchased, but still depreciation on said fixed assets should be allowed as application of income, because, income of a charitable institution claiming exemption u/s.11 of the Act, should be computed like any other entity in normal commercial accounting principles. This legal position has been upheld by the Hon'ble Supreme Court in the case of CIT v. Rajasthan & Gujarati Charitable Foundation, Poona, (supra), and said position is applicable up to AY 2014-15. Since, the assessee Trust is a registered u/s.12AA of the Act, and also claiming exemption u/s.11 of the Act, in our considered view, depreciation on fixed assets should be allowed as application of income up to AY 2014-15. Thus, we direct the AO to delete additions made towards disallowance of depreciation on fixed assets for AYs 2012- 13 to 2014-15. In so far as AYs 2015-16 to 2018-19, the law has been amended by the Finance Act, 2014 to provisions of Sec.11(6) of the Act and as per said provisions, where any income required to applied or accumulated or set part for application, then, for such purpose, the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as application of income under this section in the same or in any other previous year. From the amendment provisions of sec.11(6) of the Act, by the Finance Act, 2014, which is applicable from AY 2015-16 onwards, depreciation on fixed assets cannot be allowed as application of ITA Nos.1632 to 1638/Chny/2023 :: 42 ::
Supreme Court - Daily Orders Cites 16 - Cited by 381 - Full Document

Commissioner Of Income-Tax And Anr. vs Foramer France (Through Constituted ... on 16 January, 2003

a failure on the part of the assessee to disclose fully and truly all material facts necessary for that assessment year, because, the assessee has very much disclosed rental income derived from let out of property to the partnership firm, M/s.CFD, in the return of income filed for AYs 2012-13 to 2014-15. The assessment for the above three years were completed u/s.143(3) of the Act. The assessee has filed all details including relevant financial statements for the above assessment years before the AO and the AO has completed assessment without there being any observation with regard to rental income derived by the assessee from the partnership firm. From the above, it is undisputedly clear that the assessee has made full and true disclosure of all facts necessary for completion of assessment in respect of rental income derived from the partnership firm, and thus, in our considered view, the re-opening of assessment after four years from the end of the relevant assessment years is bad in law and liable to be quashed. This legal preposition is supported by the decision of the Hon'ble Supreme Court in the case of CIT v. Foramer France reported in [2003] 264 ITR 566 (SC), wherein the Hon'ble Supreme Court has held as under:
Supreme Court of India Cites 0 - Cited by 219 - Full Document

Commissioner Of Income-Tax vs Samyuktha Gowda Saraswatha Sabha on 24 March, 2000

business. In fact Hon'ble Jurisdictional High Court while remitting the question back to the ld. Commissioner of Income Tax (Appeals) for assessment years 1997-98, 98-99 etc, had indicated that income of the assessee from the Kalyanamandapam was more in the nature of business income, by virtue of the judgment of their Lordships in the case of CIT vs.Halai Nemon Association, (2000) 243 ITR 439. This view was taken by their Lordships overruling the opinion of this Tribunal in the earlier round, wherein Co-ordinate Bench held the income from Kalyanamandapam as income from house property. For taking this view, in the earlier round, this Tribunal had relied on a judgment of Jurisdictional High Court in the case of CIT vs. Samyuktha Gowda Saraswatha Sabha, (2000) 245 ITR 242, which was also duly considered by their Lordships when the question was remitted back to the ld. Commissioner of Income Tax (Appeals). Obviously, assessee cannot now raise a plea against the finding of the ld. Commissioner of Income Tax (Appeals) that income of the assessee from renting out Kalyanamandapams were business income, and it has wisely done so. However, it is peeved on the view taken by the ld. Commissioner of Income Tax (Appeals) that such business income could not be considered as income earned from a property held under the Trust, thereby disentitling the assessee from taking advantage of Sub section (4) of Section 11 of the Act. Section 11(4) and 11(4A) of the Act, as it was stood in the period covered by the appeals before us and which are apposite are reproduced hereunder:-
Madras High Court Cites 5 - Cited by 15 - Full Document
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