ITA No. 3940 & 3941/Mum/2024

Parties Involved

Facts Summary

The assessee, a public charitable trust, had its vacant premises used by two other charitable trusts. The assessee did not receive any consideration in form of rent and therefore no income was offered to tax in the return of income regarding the same. The Assessing Officer passed an assessment order under section 143(3) of the Income-tax Act, 1961, making additions of Rs. 18,61,409/- and Rs. 4,80,00,000/-. The Commissioner of Income-tax (Exemptions) set aside the assessment order under section 263 of the Act. The assessee appealed to the Tribunal, which set aside the order under section 263. The Revenue appealed to the Tribunal against the Tribunal's order.…

Legal Issues

• 1. Whether the learned CIT(A) was right in setting aside the assessment order u/s. 143(3) based on the order u/s. 263 of the Act?

Judgment Outcome

Decided in favour of Revenue.

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