9911796707
TMI Blog2010 (6) TMI 789X X X X Extracts X X X X X X X X Extracts X X X X ..... Briefly stated facts of the case are that the assessee is a company formed and registered u/s.25 of the Companies Act, 1956 having the main object of promotion and protection of the machine tool trade and industry in India. The return was filed declaring total income at Rs.Nil alongwith audited income and expenditure account, balance sheet and audit report in Form No.10B. The assessee also filed copy of registration u/s.12A of the Income tax Act, 1961(the Act) and various other details as asked by the Assessing Officer during the course of assessment proceedings. It was interalia observed by the Assessing Officer that during the year the assessee has held the Tooltech Exhibition to promote the machine tool industry in India. It was stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings. The CIT(A) has also considered this activity as incidental to the attainment of the objects of the assessee in all subsequent years when exhibitions have been held. The ITAT has also held in later years that the activity of holding exhibitions is incidental to the attainment of the objects of the assessee. The conditions laid down in section 11(4A) are, therefore, fulfilled and hence, the assessee is entitled to the benefits of section 11 of the I.T. Act. The assessee has cited the case law of Thanthi Trust 247 ITR 785 (SC). However, the Assessing Officer was of the view that the Department had filed Reference Application u/s.256(1) against this order, which was dismissed. However, the Hon'ble ITAT vide their order RA.No.73/Mum/99 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of hearing both parties have agreed that the impugned issue is covered against the revenue and in favour of the assessee by the orders of the Tribunal in assessee's own case for Assessment Years 1998-99, 1995-96, 2001-02, 2003-04 and 2004-05. The ld. Counsel for the assessee has also placed on record the copies of the said orders of the Tribunal. It was therefore submitted that the issue may be decided accordingly. 6. Having carefully heard the submissions of the rival parties and perusing the material available on record we find merit that the Tribunal in assessee's own case in ADIT(E)-I(1) vs. M/s. Indian Machine Tools Manufacturers' and vice versa in ITA No.585/Mum/2002 and C.O.No.20/Mum/2003 for Assessment Year 1998-99 orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. CIT(A) in confirming the activity of the assessee in holding exhibitions as a business activity. 8. At the time of hearing the ld. Counsel for the assessee fairly submits that in view of consistent view of the Tribunal on this issue which is against the assessee, the grounds taken by the assessee become infructuous and accordingly the same may be rejected which was not objected to by the ld. DR. 9. This being so and keeping in view the finding recorded in revenue's appeal, in para 6 of this order and the consistent view of the Tribunal we reject the grounds taken by the assessee being infructuous. 10. In the result, the revenue's appeal and assessee's cross objection stand dismissed. Order pronounced in the open court on 18.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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