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Section 263 proceeding initiated without inquiry – CIT(E) failed to consider capital expenditure
Case Law Details
- Case Name
- CIT (Exemptions) Vs Kalinga Institute of Industrial Technology (Orissa High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All High Courts, Orissa High Court
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CIT (Exemptions) Vs Kalinga Institute of Industrial Technology (Orissa High Court)
On 12th January 2022, the CIT (E) issued a show cause notice (SCN) to the Assessee under Section 263 of the Act stating that a sum of Rs.1,11,54,33,001/- collected as development fees from its students had been directly carried to the balance sheet under the nomenclature “Development Fund’ instead of being routed through the income and expenditure account. This was then treated as part of the Revenue and therefore the taxable income under Section 11 (1) of the Act was taken to be Rs.51,97,46,092/-.
CIT (E)...
