{"id":25128,"date":"2022-02-23T15:33:35","date_gmt":"2022-02-23T10:03:35","guid":{"rendered":"https:\/\/itatonline.org\/digest\/jm-financial-foundation-v-cit-mum-trib-www-itatonline-org\/"},"modified":"2022-02-23T15:33:35","modified_gmt":"2022-02-23T10:03:35","slug":"jm-financial-foundation-v-cit-mum-trib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/jm-financial-foundation-v-cit-mum-trib-www-itatonline-org\/","title":{"rendered":"JM Financial Foundation v. CIT (Mum) ( Trib ) www.itatonline .org"},"content":{"rendered":"<p>Where the Ld. Assessing Officer (AO),\u00a0<em>inter alia,\u00a0<\/em>had relied on the decision of the Hon\u2019ble Delhi High Court in the case of DIT v. Society for Development Alternative 18\u00a0<a href=\"http:\/\/taxmann.com\">taxmann.com<\/a>\u00a0364 (Delhi)(HC) and held that the CSR funds received were specific tied up grants for development of a project of a capital nature, and hence cannot be considered for application of 85 percent of income during the year under consideration. The view taken by the Ld. AO was a sustainable view, therefore the Ld. CIT(E) is not justified in holding that the order of the Ld. AO as erroneous.\u00a0 (ITA 697-698\/MUM\/2021 dated January 01, 2022.) \u00a0(AY.\u00a0 2015-16 &amp; 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"<p> S. 263: Commissioner &#8211; Revision of orders prejudicial to revenue \u2013 CSR funds received \u2013  Specific projects \u2013 Not income of the trust \u2013 sustainable view taken by the Ld. AO \u2013 Order of revision set aside. [S. 2(24), 11 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-25128","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6xi","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25128"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25128\/revisions"}],"predecessor-version":[{"id":25129,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25128\/revisions\/25129"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=25128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=25128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}