2017 (10) TMI 385

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ] Appeal admitted on “(B) Whether on the facts of the case and in law the Hon'ble Tribunal erred in allowing the assessee had investment of ₹ 25 lakhs with Canara Robeco Mutual Fund which was not permissible under Section 11(5)(2)(b) of the Income Tax Act, 1961? (C) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in allowing exem .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... with Canara Robeco Mutual Fund which was not permissible under Section 11(5)(2)(b) of the Income Tax Act, 1961? (C) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in allowing exemption under Section 11 of the Act to the Assessee Trust in spite of violation of the provisions of Section 13(1)(d) read with Section 11(5) of the Act by the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... se assets has already been allowed as application of income. The Assessing Officer came to the conclusion that this is claiming double deduction. However, the assessee relied upon the decision of this Court in the case of Commissioner of Income Tax Vs. Institute of Banking Personnel Selection, reported in (2003) 264 ITR 110 (Bom), and the earlier decision. 4. Mr. Mohanty would submit that despi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... taking the view that this complaint or objection of the Revenue about double deduction is without substance. 6. From the time the decision in the case of Director of Income-tax (Exemption) Vs. Framjee Cawasjee Institute, reported in (1993) 109 CTR 463 (Bom), Commissioner of Income Tax Vs. Institute of Banking Personnel Selection (supra), right upto the order passed in Commissioner of Income Tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... sure that the original record in relation to this appeal is summoned from the Tribunal and offered for inspection of the parties. This paper-book is treated sufficient for the purpose of admission of this appeal. However, the Registry must further ensure preparation of complete paper-book in accordance with the Rules. The Registry in the first instance must send intimation of admission of this app .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X