2018 (4) TMI 1860 - AT - Income Tax

Eligibility for exemption claimed u/s 10(21) - CIT- A allowed deduction as relying on assessee's own case - HELD THAT - CIT(Appeals) has followed the order of this Tribunal in the assessee's own case for the assessment year 1997-98 in which this Tribunal found that the assessee is eligible for exemption under Section 10(21) of the Act. This order of the Tribunal for the assessment year 1997-98 was subsequently followed by this Tribunal in the assessee's own case for assessment years 1998-99 and 2000-01. Even though an appeal was said to be filed before the High Court, the Ld.counsel submitted that the appeal was not numbered till date by the High Court and it was returned for rectification of certain errors - this Tribunal is of the considered opinion that when the co-ordinate Bench of this Tribunal for assessment years 1997-98, 1998-99 and 2000-01 found that the assessee is eligible for exemption under Section 10(21) of the Act, this Tribunal do not find any reason to interfere with the order of the lower authority - Decided in favour of assessee.

Summary

Issues:
Exemption claimed under Section 10(21) of the Income-tax Act, 1961.

Analysis:

1. Exemption claimed under Section 10(21) of the Income-tax Act, 1961:
The judgment involves three appeals by the Revenue against the order of the Commissioner of Income Tax (Appeals) for assessment years 2012-13, 2013-14, and 2014-15. The central issue in consideration is the exemption claimed by the assessee under Section 10(21) of the Income-tax Act, 1961. The Tribunal heard the appeals and cross-objections together as they involved a common issue. The Tribunal noted that the CIT(Appeals) had followed the Tribunal's order in the assessee's case for the assessment year 1997-98, where it was found that the assessee was eligible for exemption under Section 10(21) of the Act. This decision was subsequently upheld by the Tribunal for assessment years 1998-99 and 2000-01. Despite an appeal pending before the High Court, the Tribunal held that there was no reason to interfere with the lower authority's order, confirming the exemption for the assessee under Section 10(21) of the Act. The Tribunal dismissed the appeals filed by the Revenue and the cross-objections filed by the assessee, as the latter were only in support of the CIT(Appeals) order.

This detailed analysis of the judgment provides a comprehensive understanding of the issues involved and the Tribunal's decision regarding the exemption claimed under Section 10(21) of the Income-tax Act, 1961.