2015 (4) TMI 1333 - HC - Income Tax

Exemption u/s 11 - charitable activity u/s 2(15) - applicability of proviso of section 2(15) - Registration u/s 12AA - denial of exemption on the ground of commercial transactions - HELD THAT - It is agreed between the parties that the questions of law as raised in these appeals stand decided in favour of the development authority in the case of CIT v Lucknow Development Authority 2013 (9) TMI 570 - ALLAHABAD HIGH COURT as well as in connected matters as per the judgment. We have also been informed that the Income Tax Appellate Tribunal in the case of assessee himself 2015 (2) TMI 287 - ITAT DELHI has followed the law laid down in the case of CIT v Lucknow Development Authority (Supra) and has restored the registration granted to the assessee under Section 12- AA of the Income Tax Act. Appeals are dismissed as infructuous.

Summary

The High Court of Allahabad dismissed the appeals as infructuous as the questions of law were decided in favor of the development authority in the case of CIT v Lucknow Development Authority. The Income Tax Appellate Tribunal also followed the same law and restored the registration granted to the assessee under Section 12-AA of the Income Tax Act.