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TMI Blog2017 (12) TMI 1573X X X X Extracts X X X X X X X X Extracts X X X X ..... t despite elapse of several years, the proviso of Section 10(23C)(vi) empowers the prescribed authority under the Act to withdraw the approval granted u/s 10(23C) (vi). As borne out of records that the Revenue chose not to rescind the approval in earlier years. The Ld. Counsel for the assessee urged that withdrawal of exemption is very harsh step as the assessee has been enjoying the benefit of exemption, for several years - restore this issue to the file of the CIT(E) to reconsider the submissions of the assessee, and give last opportunity to convert the shares into specified assets within a specified period, and meantime withdraw exemption u/s 11 & 12 in respect of income earned from the investment made in non-specified assets. This gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. CIT(E) is not correct. The assessee had filed the details, he submitted that even if it is presumed that investment in the modes which are not as per Sec. 11(5) of the Act, then the entire exemption of the Trust shall not go, and only the income from said investment should be made liable for charging tax at the maximum marginal rate. The Ld. Counsel placed reliance on the decision of the Tribunal in the case of M/s Santoba Durlabhji vs. ITO in ITA No. 241 242/JP/2014, also placed reliance on the Judgment of the Hon'ble Delhi High Court in the case of Director of Income Tax Vs. Shri Radha Krishan Charitable Trust. The Hon'ble High Court affirmed the view of the Tribunal, that the assessee was allowed to hold the investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the assessee has placed on record the order of CIT(A) pertaining to the AY 2008-09 dated 12-8-2016 in assessee's own case. In that year the issue of rescinding the notification u/s 10(23C)(VI) was not under consideration. The only issue which requires to be considered whether the Ld. CIT(E) was justified in withdrawing the notification and benefit u/s 10(23C) (vi) of the Act, on the basis that the assessee has not made investment in the specified assets. There is no dispute with regard to the fact that the assesee kept this investment as it is without converting into the same in the mode specified under the Act despite elapse of several years, the proviso of Section 10(23C)(vi) empowers the prescribed authority under the Act to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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