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TMI Blog2018 (9) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... osed of by this common order. ITA No.5309/Del/2016 (By Revenue) : 2. Facts of the case, in brief, are that the assessee is a company incorporated under the provisions of the Companies Act, 1956 on 12.10.2009. The assessee company obtained license u/s 25 of the Companies Act, 1956. The assessee company is registered u/s 12A of the I.T. Act, 1961 vide order No.DIT(E)/2011- 12/DEL-NR22004-13042012/24 dated 13.04.2012. The assessee filed its return of income on 29.09.2012 declaring Nil income. The return was accompanied with audit report dated 28.09.2012. During the course of assessment proceedings, the Assessing Officer observed that the objectives as per Memorandum of Association (MoA) are as under :- "1. To promote commerce by undertaki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n by the assessee and observing that the assessee is carrying on commercial activities and governed by proviso to section 2(15) and, therefore, not entitled to the benefit of section 11 of the I.T. Act, the Assessing Officer rejected the claim of exemption u/s 11 and 12 and determined the total income of the assessee at Rs. 19,05,14,430/-. While doing so, he observed that even if the assessee's case is considered to be engaged in advancement of general public utility still the same is clearly covered by new proviso to section 2(15) of the I.T. Act. 4. Before the ld. CIT(A), it was submitted that the allegations made by the Assessing Officer are devoid of any merit and he has not brought out any facts/findings on record as to how the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould have allowed deduction of Rs. 18,90,60,296/- incurred during the relevant assessment year. 6. It was submitted that while framing the assessment order, the Assessing Officer did not consider that for the immediately preceding year, the ld. CIT(A) has granted favourable order in the case of the assessee on same facts holding the activities of the assessee to be entirely of charitable nature. It was submitted that during the course of assessment proceedings, vide letter dated 27.02.2015, the Assessing Officer was duly provided with detailed note on principles emerging from the order of the ld. CIT(A). However, the same was completely ignored by the Assessing Officer while passing the assessment order of assessment year 2012-13 u/s 143(3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upported the order of the Assessing Officer. 10. The ld. counsel for the assessee on the other hand heavily relied on the order of the ld. CIT(A). He submitted that the ld. CIT(A) in the immediately preceding assessment year has decided the issue in favour of the assessee and the Revenue has not challenged the order of the ld. CIT(A). Further, in assessment year 2013-14 the Assessing Officer himself has treated the activities of the assessee as charitable in nature. Therefore, in absence of any contrary material brought on record the order of the ld. CIT(A) should be upheld and the grounds raised by the Revenue should be dismissed. 11. We have considered the rival arguments made by both the sides and perused the material available on reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That on facts and circumstances of the case and in law, the assessing officer ("A.O.") against the order of Commissioner of Income-tax (Appeals)- 40 (Exemption), New Delhi ["CIT(A)"], dated July 8, 2016, passed under section 250(6) of the Act, for the assessment year ("A.Y.") 2012-13." 13. After hearing both the sides, we find the only grievance of the assessee is regarding short computation of interest u/s 244A by computing interest for the period till issuance of refund instead of the period till receipt of refund. We, therefore, restore this issue to the file of the Assessing Officer with a direction to compute correct interest u/s 244A as per law. Needless to say, the Assessing Officer shall give due opportunity of being heard to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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