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TMI Blog2021 (4) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... f scrutiny assessment proceedings, the said claim was made but was denied by the Assessing Officer stating that such claim was never made in the return of income nor by way of revised return of income - HELD THAT:- It is true that the claim was not made in the return of income. It is equally true that revised return of income was also not filed. In our considered view, a legal claim can be made at any stage and the decision of the Hon'ble Supreme Court [supra] relied upon by the ld. CIT(A) does not put any fetter on the appellate authorities. CIT(A) ought to have considered the claim regarding investment in mutual funds. Since no such verification has been done, we deem it fit to restore the issue to the file of the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondents : Mahesh Thakur, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER Both the above captioned cross appeals by the assessee and Revenue are preferred against the very same order of the Commissioner of Income Tax [Appeals], Delhi dated 20.03.2019 pertaining to Assessment Year 2013-14. Since both these appeals were heard together, they are being disposed of by this common order for the sake of convenience and brevity. ITA No. 3696/DEL/2019 [Assessee's appeal] 2. The grievance of the assessee reads as under: 1. That on the facts and in the circumstances of the case and in law, the action of the Ld. CIT(A) in holding that the assessee Trust is disentitled to the exemption u/s. 11(1 A) of the Income-tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tful consideration to the orders of the authorities below. It is true that the claim was not made in the return of income. It is equally true that revised return of income was also not filed. In our considered view, a legal claim can be made at any stage and the decision of the Hon'ble Supreme Court [supra] relied upon by the ld. CIT(A) does not put any fetter on the appellate authorities. 6. The ld. CIT(A) ought to have considered the claim regarding investment in mutual funds. Since no such verification has been done, we deem it fit to restore the issue to the file of the Assessing Officer. The assessee is directed to demonstrate that the sale proceeds have been invested in acquisition of new capital assets in nature of mutual fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of society. 12. In furtherance of its objects, the assessee has also given donation of ₹ 2 lakhs and claimed the same as application of income. There is no dispute that the assessee trust is carrying on its activities since its inception and has never been denied the claim of exemption u/s. 11 of the Act. We find that the ld. CIT(A) has correctly appreciated the facts of the case and allowed the claim of exemption. The relevant findings of the ld. CIT(A) read as under: 4.1.3 While deciding the appeal in appellant's own case for assessment year 2014-15 (Appeal No. 339/2016-17), it had been held by me as under: 4.1.2 I have considered the assessment order and the submissions of the appellant. I have also perused t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adventure or concern in the nature of trade or commerce . It was noted that there was no material which was available on record to justify the simple sub-letting done by assessee in order to continue its charitable activity to be branded as a business activity and CIT(A) and the Tribunal below rightly did not bring the case within the purview of section 11 (4A) and also in the past, assessee having received the benefit of exemption in respect of the rental income, there was no just reason for disallowing the relief claimed for the relevant assessment year when no fresh materials were brought in this year for coming to a different conclusion. 4.1.4 In the case of the asses see also there is nothing on record to suggest that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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