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TMI Blog2014 (10) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee by: Shri Dinesh Bafana Revenue by: Shri Manjunatha Swami ORDER B.R.Baskaran, These cross-appeals are directed against the order dated 1.2.2011 passed by the ld.CIT(A)-2, Mumbai and they relate to the assessment year 2002-03. 2. In the appeal filed by the assessee following three issues are urged : a) validity of re-opening of assessment u/s 147 of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the order passed by the Tribunal placed at pages 46 to 58 of the assessee's paper book. On perusal of the said order, we notice that the Tribunal has allowed the claim of the assessee on noticing that the deduction u/s 10(23G) is being allowed consistently from the assessment year 2002-03 onwards. For the sake of convenience, we extract below the operative portion of the order passed by the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the provisions of the Act and therefore the AO's action in denying the claim on infructuous reasons cannot be upheld. As rightly held by the CIT(A) both the assessee and those entities do classify under the provisions of the Act and accordingly the claim of 10(23G) is allowable. It is also on record that the claims were being consistently allowed from the AY 2002-03 and there is no need for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of exemption u/s 10(23G) of the Act. 6. With regard to the ground relating to disallowance of interest on (FCNR) under section 43B of the Act, the ld. Counsel submitted that the AO has since deleted the above said disallowance in the order dated 10.5.2011 passed under section 154 of the Act. Accordingly, he submitted that the assessee is not pressing the said ground. Accordingly, the said ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the earlier paragraphs, we have directed the AO to allow the exemption u/s 10(23G) of the Act and further disallowance of interest has since been rectified by the AO in the order passed u/s 144 of the Act. Hence, as agreed by both the parties, the question of charging interest u/s 234D would not arise. Accordingly, we reject the ground urged by the revenue. 9. In the result, the appeal file ..... X X X X Extracts X X X X X X X X Extracts X X X X
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