9911796707
TMI Blog2010 (9) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... he First Appellate Authority, to show that the institution applied its income, or accumulated it for application, solely for the development of Khadi or Village Industries or both - Held that: - no finding has been recorded by the Tribunal despite a clear cut finding recorded by the First Appellate Authority as per the requirement of condition (i) the institution applies its income, or accumulates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-B) any income of an institution constituted as a public charitable trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India, and existing solely for the development of khadi or village industries or both, and not for purposes of profit, to the extent such income is attributable to the business of product ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated its income in accordance with the provisions contained in the first proviso; or (ii) the activities of the institution are not being carried out in accordance with all or any of the conditions subject to which such institution was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned institution, by order, wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Khadi and Village Industries Commission. In regard to the requirement no. (ii), a finding has been recorded by the I.T.A.T. in favour of the assessee, holding that the certificate/approval was duly granted by the Khadi and Village Industries Commission for the relevant assessment years and the same was rejected for no valid reason by the assessing authority. So far point no. (ii) is con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority as per the requirement of condition no.(i) aforesaid, we set aside the order passed by the Tribunal. The matter is remanded back for reconsideration including on the issue, which has been highlighted in this order. We may clarify that we do not find any ground to interpret Part-(ii) of the first proviso, as there are certificates issued by the K.V.I.C., Bombay in favour of the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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