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TMI Blog2015 (9) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... ust exceeds 5% of the share capital of the company or not? - Held that:- As decided in Commissioner of Income Tax –vs- M/s.Islamic Academy of Education [2015 (9) TMI 450 - KARNATAKA HIGH COURT] exemption u/s 11 and 12 of the Act shall not be denied to assessee. Appellate Authorities were correct in law in directing in revenue’s appeal that the status of the assessee should be taken as "Trust" as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of section 11(5) r.w.s. 13(d)(i) and 13(2)(h) of the Act in view of investment made in the shares of M/s.Yenepoya Institute of Medical Science and Research (P) Ltd., and continued to hold them after 31.12.1970? 2. Whether the Appellate Authorities were correct in not appreciating that the investment made by the assessee in the shares of M/s. Yenepoya Institute of Medical Science and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act and did not produce the account books and particulars called for u/s. 142(1) of the Act at the time of assessment and also in view of several discrepancies in accounts and seizure of unexplained cash in search conducted u/s.132 on 21.09.2005? 3. Learned counsel for the parties have jointly submitted that the first question involved in this appeal is covered by the decision of this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question in this regard has been decided by the Tribunal without considering the facts of the case on hand but the same has been done basing it on some other order adjudicating cancellation of registration under Section 12A of the Income Tax Act, 1961 (for short 'the Act'). 7. Learned counsel for the parties thus submit that the fourth question of law raised in the appeal may be remande ..... X X X X Extracts X X X X X X X X Extracts X X X X
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