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Issues involved: Appeal against order of Ld. Commissioner of Income Tax (Appeals) allowing exemption u/s 10(23C)(vi) of IT Act, 1961 and addition of &8377; 9,55,455/-.
Exemption u/s 10(23C)(vi): The Ld. Commissioner of Income Tax (Appeals) granted exemption u/s 10(23C)(vi) for Assessment Year 2008-09 based on the order of Ld. Chief Commissioner of Income Tax. The entire surplus was deemed exempt, leading to deletion of the addition made by the Assessing Officer. The Revenue appealed against this decision. Grounds of appeal: The Revenue contended that the exemption u/s 10(23C)(vi) should not have been allowed as an appeal was filed in the Supreme Court. The Ld. Commissioner of Income Tax (Appeals) limited the issue to whether the surplus generated by the assessee is liable for exemption u/s 10(23C)(vi) or not. Arguments: The assessee's counsel highlighted that the Ld. CCIT had granted approval u/s 10(23C)(vi) which was produced during appellate proceedings, leading to the appeal being allowed. The department filed the appeal to keep the matter alive, but the Tribunal found no infirmity in the Ld. Commissioner of Income Tax (Appeals)'s order and upheld the decision. Conclusion: The Tribunal dismissed the appeal filed by the Revenue, affirming the decision of the Ld. Commissioner of Income Tax (Appeals) to grant exemption u/s 10(23C)(vi) and delete the addition of &8377; 9,55,455/-.
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