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TMI Blog2019 (2) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... e approval with effect from the Assessment Year 2008-09. Thus respectfully following the order of the Coordinate Bench in assessee’s own case for assessment year 2010-11, we restore the issue to the file of the Assessing Officer to decide the matter afresh in light of the order of approval u/s 10(23C)(vi) of the Act, vide order dated 15.6.2015, and having retrospective effect after providing adequate opportunity to the assessee. - deciced in favour of assessee for statistical purposes. - ITA No. 4939/Del/2015 - - - Dated:- 28-1-2019 - Shri N.K. Saini, Vice President And Shri Sudhanshu Srivastava, Judicial Member For the Assessee : Shri Sridhar Dora, Sr. DR For the Department : Shri R.P. Basia, CA ORDER PER SUDHANS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (23C)(vi) of the Act to the tune of ₹ 52,28,440/- which was excess of income over expenditure from running the school in the name of Vaish Model Senior Secondary School. The Assessing Officer treated the building fund and building maintenance fund amounting to ₹ 62,97,300/- as revenue receipts and added the same to the income of the assessee. The Assessing Officer further disallowed the assessee s claim of exemption u/s 10(23C)(vi) of the Act. The assessment was completed at an income of ₹ 1,15,235,740/-. 2.2 Subsequently, the assessee s appeal before the Ld. CIT (Appeals) was also dismissed on the ground that at the time of assessment, the assessee was not having any approval u/s 10(23C)(vi) of the Act. Now, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r vide No.CIT(E)/Chd/10(23C)/2014-15/1918 dated 15.06.2015 w.e.f A/Y 2008-09, as required under the provisions of Section 10(23C)(vi). A copy of the order of Hon'ble Commissioner of Income Tax (Exemptions), Chandigarh is enclosed. 4. That the Ld. Assessing Officer cum Income Tax Officer has also erred both in law and on facts in making the addition of ₹ 62,97,300/- being capital receipts on account of Building Fund and Building Maintenance fund received especially for the purpose of construction and/or maintenance of Building during the year. 5. That the Ld. Assessing Officer cum Income Tax Officer has also erred both in law and on facts in denying capital expenditure of ₹ 62, 97, 300/- and as per Principal of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the Tribunal in assessee s own case for assessment years 2010-11 in ITA No. 1687/Del/2014 wherein, vide order dated 11.3.2016, the Coordinate Bench of the Tribunal has made the following observations in paragraphs 7 and 8:- 7. Undisputedly, CIT Exemption vide order dated 15/6/2015 accorded approval to the assessee society u/s 10(23C) (vi) of the Act subject to the terms and conditions laid down in the order (Supra). 8. Primarily the A.O has disallowed, the exemption and made the addition of ₹ 97,27,160/-by denying the benefit of Sec 10(23C) (vi) of the Act on the sole ground that the assessee has failed to prove the approval of CCIT to claim exemption u/s 10(23C) (vi) of the Act. Perusal of the order passed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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