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TMI Blog2018 (9) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... uld also form part of the income and expenditure account. Accordingly, the same has to be computed in the same manner and the benefit of Section 11 has to be given. We find that this precise issue had come up for consideration before this Tribunal in assessee’s own case in the Assessment Year 2009-10, wherein the Tribunal has allowed the benefit of Section 11 after following the Tribunal’s order for the Assessment Year 2008-09. Once in the earlier assessment years the assessee has been granted exemption u/s.11 and registration u/s.12AA is still continuing, then we do not find any reason as to why benefit of section 11 should be denied. Accordingly, the order of the learned CIT (A) is confirmed and Revenue’s appeal is dismissed. - I.T.A. No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d was promoted by HUDCO under the Ministry of Urban Development and the land was allotted by the Government and the assessee is the lessee and Land and Development Officer of the Government is the lessor. There are 37 institutions in the premises of the assessee which had contributed for the construction and development of the building and the land as per the norms of the HUDCO to protect the habitat and environment. The assessee has the mandate from the government for the maintenance of the land and buildings and the common facilities for the members of the society. The common facilities for the members include a library, swimming pool, visual art gallery, auditorium, gymnasium (health club) and restaurants (Delhi 0 Delhi, Oriental Octopus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alysed assessee s submission in detail with regard to each and every clause of Section 2(15) which has been discussed from pages 5 to 15 of his order. Thus, after detailed discussion, he held that assessee is not engaged in the charitable activities and accordingly, denied the exemption of Section 11 to the assessee. However, he held that the assessee s income would be exempted in view of principle of mutuality . Since assessee had bank interest amounting to ₹ 72,76,725/-, the same has been added by him on the ground that it is not covered under the principle of mutuality . 4. Learned CIT (A) following the judgment of Hon'ble Delhi High Court in the case of India Trade Promotion Organization vs. DGIT (E) , 371 ITR 333 (D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... falls within the category and ambit of trade, commerce or business. He has also filed a detailed written submission citing the various decisions like Andhra Chambers of Commerce, 1965 AIR 1281 Surat Art Silk Cloth, 1980 AIR 387. He strongly relied upon the order of the learned Assessing Officer. 7. After considering the aforesaid submissions and on perusal of the impugned order, we find that so far as the status of registration u/s.12AA is concerned, the same still stands as on date, because registration cancelled by the learned CIT(E) has been set aside and reversed by the Tribunal. Once, the assessee is registered u/s.12AA, then it is sine-qua-non that benefit of Section 11 has to be given. The Assessing Officer has grante ..... X X X X Extracts X X X X X X X X Extracts X X X X
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