2013 (10) TMI 431

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..... ) read with first proviso requires of taking an approval for the time being, for the purpose of this clause by the Khadi and Village Industries Commission – In the present case, the requirement s are not fulfilled – Benefit not allowed – Decided in favor of Revenue. - Income Tax Appeal No. - 117 of 2006 - - - Dated:- 8-10-2013 - Hon'ble Sunil Ambwani And Hon'ble Surya Prakash Kesarwani,JJ. .....

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..... rs allowed the appeal on 20.09.2010 and remanded the matter to the Tribunal. After quoting Section 10 (23-B) this Court held in the order dated 20.9.2010 as follows:- "The aforesaid provision requires in sub-clause (i) of the proviso that the institution applies its income, or accumulates it for application, solely for the development of Khadi or village industries or both and sub-clause (ii) re .....

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..... benefit of the provisions of Section 10 (23-B) of the Act. If any one of the aforesaid condition, as given in (i) and (ii) is found absent, the benefit could not be extended to the assessee. The learned Tribunal solely on the footing that the certificates obtained by the assessee from the K.V.I.C., Bombay, though belated could not have been rejected, has passed the impugned order. Since no f .....

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