Provision of section 11(4A) is applicable subject to condition of maintaining separate accounts
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Brief fats are: The assessee is a charitable Society, registered u/s 12A of the I.T. Act and runs Sanskriti School, at Chankya Puri, New Delhi. Assessment order for assessment year 2007-08 was passed on 4-9-2009 by allowing exemption u/s 11, assessing the income at Nil and refusing to carry over the loss declared by the assessee at Rs. 5,27,39,780/-. DIT(E) thereafter issued a notice u/s 263 dated 12-3-2012 alleging that the assessment in question was erroneous and prejudicial to the interests of revenue. Assessee filed reply and explanation in this behalf and attended the proceedings. DIT(E), however, held that assessment order was erroneous and prejudicial to the interests of revenue
Citation :
The Civil Services Society, C/o Sanskriti School, Dr. S. Radhakrishnan Marg, San Martin Marg, Chnkya Puri, New Delhi-110021. AAATT 2933 M (Appellant)Vs. Director of Income-tax (Exemptions), New Delhi. (Respondent)
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Published in Income Tax
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