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Issues involved: Appeal against orders of CIT(A) for assessment years 2006-07 and 2007-08 regarding exemption under section 10(26AAB), section 11, depreciation, and notice under section 148.
Exemption under section 10(26AAB): The Hon'ble jurisdictional A.P. High Court held that section 10(26AAB) inserted by the Finance Act, 2008 cannot be applied retrospectively. Therefore, relief under section 10(26AAB) is not applicable for the assessment years in question. Exemption under section 11: The assessee, having obtained registration under section 12AA, claimed exemption under section 11 but was denied by the Assessing Officer due to non-filing of Form No.10 for accumulation of income. The CIT(A) upheld this decision. The assessee argued that the documents could not be filed due to reasons beyond control and cited relevant case laws. The Tribunal set aside the issue to the Assessing Officer for fresh examination, directing the assessee to submit necessary documents. Depreciation: The CIT(A) disallowed depreciation on the assets of the appellant, which was challenged in the appeal. However, the judgment does not provide specific details on the resolution of this issue. Notice under section 148: The ground related to the notice issued under section 148 was dismissed during the hearing as it was considered not pressed, with no further discussion provided in the judgment. In conclusion, the Tribunal partially allowed the appeals by setting aside the denial of exemption under section 11 and directing a fresh assessment by the Assessing Officer. The decision on depreciation was not explicitly mentioned, and the issue regarding the notice under section 148 was dismissed.
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