Jan Kalyan Samiti vs. ITO Ward Exemption

Parties Involved

Facts Summary

The assessee, Jan Kalyan Samiti, filed a return of income declaring NIL income for AY 2015-16. The case was selected for scrutiny, and the Assessing Officer disallowed an investment of Rs. 69,00,000/- in shares of M/s RPL Capital Finance Ltd. and added Rs. 1,14,891/- as income. The assessee appealed to the National Faceless Appeal Centre (NFAC), which upheld the AO's order. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT), raising issues regarding the disallowance and addition.…

Legal Issues

• 1. Determination of income of the appellant society
• 2. Denial of exemption u/s 11 and 12 of the Act
• 3. Addition of Rs. 69,00,000/- representing investment in shares

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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• ITA No.7444/Del/1992 & ITA No.6874/Del/1995

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