9911796707
TMI Blog2013 (2) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... und reasoning as asseesse had valid exemption on 1.10.2010 when the provisions of Section 80G were amended so as to dispense the periodic renewal of the exemptions. Such statutory provisions were clarified by Circular No. 5 of 2010 and Circular No.7 of 2010 issued by CBDT. Once the statute has given perpetuity to the exemptions granted under Section 80(G)(5) the same could not be withdrawn with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lar No. 7 of 2010 issued by CBDT wherein the circular issued earlier has been clarified and reiterated. The Revenue has claimed the following substantial questions of law:- (i) Whether on the facts and circumstances of the case, Hon'ble the ITAT was justified in setting aside the order of CIT relying upon the assessee's version that the approval once granted u/s 80(G)(5) of I.T Act shall co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it was made explicit that the existing exemptions granted Section 80(G) of the Act as on 1.10.2010 would continue till perpetuity. But still the Commissioner of Income Tax withdrew the exemption vide order dated 16.06.2011. It is said order which has since been set aside by the Tribunal. We find that the order of the Tribunal setting aside the order of Commissioner of Income tax is based on so ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
