part of the assessee to disclose fully and
truly all material information. Learned AR emphasized that
the assessee has submitted audited balance-sheet ... purpose
of granting loans. The learned AR referred to voluminous
material on surplus funds and relied on the decision of the
Hon'ble Supreme
Page 8 of 183
i. Surplus set apart u/s. 11(1)(a) - Rs.18,42,16,642.
ii. Surplus accumulated ... following components :-
i. Surplus set apart u/s. 11(1)(a) - Rs.19,21,19,133.
ii. Surplus accumulated
Page 8 of 183
i. Surplus set apart u/s. 11(1)(a) - Rs.18,42,16,642.
ii. Surplus accumulated ... following components :-
i. Surplus set apart u/s. 11(1)(a) - Rs.19,21,19,133.
ii. Surplus accumulated
that mere generation of surplus by educational institution
cannot be basis to reject application u/s 10(23C)(vi) fee surplus for
educational purpose ... There is no allegation or material brought on record by the AO that the
surplus generated and that accumulated is contrary to any provision
company, the partners have
withdrawn their surplus share capitals and therefore, there is no
evidence or any materials available with the AO to show that ... Kadambur) Private Limited, Bangalore
Page 18 of 19
partners have withdrawn their surplus capital amount after the
reorganization of the firm and not immediately before
considered. The learned
CIT (Appeals) held that :-
(i) there is no material available on record to show that the
overdraft amount has been directly used ... free funds,
reserves and surplus are sufficient to make the tax free
investments. Revenue has not brought on record any material to
substantiate that
status of AOP declaring NIL taxable income after claiming the surplus of
2
ITA Nos.1688 to 1691/Bang/2012
receipts over expenditure /profits ... return of income filed and the material on record noticed that the assessee had shown a
surplus of Rs.36,91,500 which was claimed
reserves and surplus are as
under as on 31/3/2009:
Share capital Rs.201,25,38,711
Reserves & surplus ... safely stated that the appellant had sufficient surplus funds for
making investments as there is no material on record proving the
nexus between the borrowed
have heard the rival contentions and perused and carefully
considered the material on record. The sole issue for consideration
and adjudication before us is that ... Supra) and has observed
and held that surplus/deficit of the policy holders should be
aggregated with surplus/deficit of shareholders account
support of the ground
raised (Supra) and submitted that carry forward of surplus funds for
application against income in subsequent years is not permissible
since ... considered the material on record, including the judicial
pronouncements cited. We find that the issue before us of carry
forward of surplus application of income
