9911796707
TMI Blog2017 (1) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... also the exemption u/s 10(23C)(iv) of the Act and there is nothing on record that the assessee has diverted the income to the specified persons u/s 13 of the Act and therefore no addition can be made on these accounts and the order of the ld. CIT(A) confirming the action of the AO is reversed. - Decided in favour of assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... the prescribed authority for the purpose. We concur with the finding ld.CIT(A) in this regard vide para 4.3 to 8 of his order. At the first instance, the AO before recording the reasons is not sure whether the assessee has claimed the deduction u/s10(23C)(iv) or u/s 10(22) of the Act. During the impugned assessment year the provisions of section 10(23C)(iv) were not applicable and the said section was inserted by the Finance (No.2) Act, 1998 w.e.f. 01.04.1999 relevant for assessment year 1999-2000. As regards section 10(22) no approval from the prescribed authority is required though the said section has been omitted by the same Act w.e.f. 01.04.1999. therefore, the only reason for which the proceedings u/s 147 were initiated by the AO are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s initiated u/s.147/148 of the Act.?" "(ii) Whether under the facts and circumstances of the case and in law the order of the Tribunal is perverse in not giving any finding with regard to the activities of the assessee society so as to enable the assessee to claim exemption from Income Tax Act?" "(iii) Whether under the facts and circumstances of the case and in law, the income of the assessee cannot be said to be exempt u/S. 10(22) and whether the registration granted u/s. 12A(a) of the Act can have any bearing on this?" 4. The counsel for the appellants contended that the Tribunal has seriously committed an error in interpreting Section 10(22) which has came into effect from assessment year 1991 to 1999. 5. However, the Tribunal whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e there is nothing brought on the record by either of the authorities below that the said funds, the fees or the interest income have been used for other purpose other than the objects of the assessee society. The assessee enjoys the exemption u/s 11 of the Act having registration u/s12A(a) of the Act as mentioned in our various orders hereinbefore and also the exemption u/s 10(23C)(iv) of the Act and there is nothing on record that the assessee has diverted the income to the specified persons u/s13 of the Act and therefore no addition can be made on these accounts and the order of the ld. CIT(A) confirming the action of the AO is reversed. Thus ground no.2,3,4,&5 of the assessee are allowed. "(67) The Ground No.6 of the assessee is with ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
