During the assessment year, the assessee filed its return of income on 30-9-2009 declaring nil income, after claiming excess of income over expenditure, amounting to Rs. The assessee is an educational institution, running Engineering and Pharmacy colleges.
#Chit fund excel sheet registration#
It has been granted registration under section 12A of the Income Tax Act, 1961 by the CIT-II, Visakhapatnam vide proceeding no. The assessee Sri Sivani Educational Society, Srikakulam, is a society registered under the Societies Act.
Since, all the issues arising in these appeals are common, for the sake of convenience they are heard together and disposed of by this common order.Ģ. 479 to 481/V/2012 are directed against the order of Commissioner (Appeals), Visakhapatnam dated 27-9-2012. 175/V/2012 is directed against the order of the Commissioner (Appeals), Visakhapatnam dated 28-3-2012 and appeals of the assessee in ITA Nos. As it was held that contribution to chit fund in this case, was not an investment, and much less an investment with someone else, and further that the provisions of section 11(1)(a) had been complied with by investing the entire income of the year towards charitable purposes, there was no violation of section 13(1)(d) read with section 11(5) of Income Tax Act, 1961.įULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-Appeal of the assessee in ITA No. ITO (ITAT Visakhapatnam)Ĭhit fund business is governed by the principles of mutuality and contribution to a chit fund is contribution to oneself on the principle of mutuality and hence, it is not an investment as contemplated by section 13(1)(d) read with section 11(5) of Income Tax Act, 1961.
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