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TMI Blog2017 (5) TMI 1699X X X X Extracts X X X X X X X X Extracts X X X X ..... (E), Mumbai u/s. 12A and u/s. 80G and with Charity Commissioner, Mumbai. The appellant filed its return of income on 27.09.2012 along with the Income & Expenditure Account, Balance Sheet and Audit Report in Form 10B declaring total income at Rs. Nil. However, the 'A.O completed the assessment vide order dated 27.1.2015 u/s. 143(3) of the IT. Act, 1961 at taxable income of Rs. Nil disallowing exemption u/s. 10(34). 4. By the impugned order CIT(A) directed the AO to allow assessee's claim of exemption u/s.10 (34) in respect of dividend income received during the year after due verification. Observation and findings of CIT(A) was as under:- I have considered the facts and circumstances of the case, gone through the assessment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 13 or sections 11 to 13 has any overriding affect over section 10. Therefore, the benefit of section 10 cannot be denied by invoking the provisions of sections 11 to 13 of the Act. Once the conditions of section 10 are satisfied then no other condition can be fastened for denying the claim under section 10 of the Act." 9.8 In view of the above discussion and following the various decisions (supra) we hold that the dividend income on shares and mutual funds and long term capital gain on sale of shares an exempt u/s 10(34) 10(35) and 10(38) respectively and cannot be brought to tax by applying sections 11 and 13 of the Act." ii. Further in support of its contention the appellant has also relied upon the Judgement of Hon. Bomba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous purposes to the extent to which such income is applied to such property in India and that any such income is accumulated or set apart for application for such purposes in India to the extent of which the income so accumulated or set apart in computing 15% of the income of such property, is dealt with. Therefore, it is a particular assessee and who is in receipt of such income as is falling under clause (a) of sub-section (1) of section 11 who would be claiming the exemption or benefit. That is a income derived by a person from property. It is that which is dealt with and if the property is held in trust for the specified purpose, the income derived there from is exempt and to the extent indicated in section 11(1)(a) of the Income Tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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