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TMI Blog2011 (2) TMI 1511X X X X Extracts X X X X X X X X Extracts X X X X ..... dhi for respondent. JUDGEMENT 1. The office objections are overruled. Basically two questions are raised by the revenue in this appeal, which read as under:- (1) Whether on the facts and circumstances of the case and in law the Tribunal was right in holding that the assessee has fulfilled the conditions as laid down u/s.11(4A) of the I.T. Act, 1961 and is therefore entitled for exemption u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been held by the assessee in various countries. For this purpose, necessary approval has been obtained from the Govt. of India. Copy of such approval is placed at Pages 17 to 20 of the paper book. We have also seen the copy of the notes on objects of the council which are placed at pages 1 to 7 and also the extract of export and import policy, copy of which is placed at pages 8 and 9. Minutes of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is incidental to the object of the assessee, therefore, the assessee is entitled to exemption u/s.11. Taking into consideration all the facts and circumstances and the ratio of various decisions of the Tribunal cited supra, we hold that the assessee's activities are incidental to the object of the assessee and thus, the assessee is entitled to exemption u/s.11 of the Act. The Ld. CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4A) of the Income Tax Act cannot be faulted. Moreover, the Tribunal has recorded finding of fact that the assessee has maintained separate books of account in respect of exhibition activity. In this view of the matter, the first question raised by the revenue cannot be entertained. 4. As regards second question is concerned, counsel on both sides agree that the said question is covered against t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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