2023 (8) TMI 227 - HC - Income Tax

Exemption u/s 11 - scope of amended Section 2(15) - AO found that assessee is charging fees from customers and has obtained Intellectual Property Rights (IPR) from Belgium and transferring through license agreement use of such IPR and un-specie - HELD THAT - ITAT allowed the benefit of exemption on ground that, GS1 India is in fact, involved in advancement of general public utility, its services are for the benefit of trade and business, from which they receive significantly high receipts. In view of the Judgement of the Apex Court in the matter of Ahmedabad Urban Development Authority 2022 (10) TMI 948 - SUPREME COURT , the impugned order passed by the Tribunal is set aside.

Summary

Issues involved:
The issues involved in the judgment are the condonation of delay in re-filing the appeal and the appeal concerning Assessment Year (AY) 2013-14.

Condonation of Delay:
An application was moved on behalf of the appellant seeking condonation of a 300-day delay in re-filing the appeal. The respondent did not oppose the prayer made in the application, and accordingly, the application was disposed of.

Appeal Concerning AY 2013-14:
The appeal sought to challenge the order passed by the Income Tax Appellate Tribunal concerning Assessment Year (AY) 2013-14. The appellant/revenue aimed to set aside the impugned order based on the Supreme Court's consideration of whether the activities carried out by the respondent/assessee fell within the ambit of proviso to Section 2(15) of the Income Tax Act, 1961. The respondent's counsel referred to a specific judgment and stated that the impugned order should be set aside in accordance with the observations made in the judgment. As per the submissions, the impugned order was set aside, and the appeal was disposed of accordingly. Parties were directed to act based on the digitally signed copy of the order.