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TMI Blog2023 (10) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under section 10 (23EC) of the act. Central government for this exemption also notifies the assessee. Therefore, as far as the income of contribution is concerned, the learned CIT A has correctly granted the assessee under that section. Provisions of section 11 (7) provides that where a trust or institution has been granted registration under section 12 AA and the said registration is in force for any previous year then nothing contained in section 10 shall operate to exclude any income derived from the property held under trust from the total income of the person in receipt thereof for that previous year. However, there is an exception to this rule with respect to income exempt under section 10 (23C) (1), (23EC), (46) and (4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020-21. 02. In all these three appeals, identical grounds of appeal are raised as under:- ITA No.855/Mum/2023 1. Whether on the facts and in circumstances of the case and in law Ld.CIT(A) is justified in simultaneously allowing the claim of exemption u/s 10(23EC) as well as exemption u/s 11 of the act despite the restriction provided u/s 11(7) of the Act? 2. Whether on the facts and in circumstances of the case and in law, Ld.CMA) erred in not appreciating that as per section 11(7) of the Act, where a trust or an institution has obtained registration under section 12AA/12A of the Act and said registration is in force for any previous year, then only exemption under clause (46), clause (1) and Clause 23(C) of section 10 ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing issue against the validity of adjustment made to the return income in terms of intimation issued under Section 143(1) of the Income-tax Act, 1961 (the Act). Identical grounds are as under:- CO No. 49/Mum/2023 1. Re. Validity of the adjustment made to the returned income in terms of the Intimation issued under Section 143(1) of the Income-tax Act, 1961: 1.1 The CPC-Bangalore/ Assessing Officer has erred in making an adjustment of ₹9,24,58,751/- to the returned income of the Appellant in terms of the Intimation dated 17 March 2018 issued under Section. 143(1) the Income-tax Act, 1961 ( Act) by denying exemption claimed u/s.10(23EC) of the Act. 1.2 The Respondent submits that considering the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income to which provisions of section 10 (23EC) of the act applies amounting to ₹ 44,934,879/ , assessee claimed deduction of amount of expenditure incurred on the object of the trust, income under section 11 (1) (a) and further accumulation under section 11 (2) of the act. However as assessee has spent on expenditure incurred outside India of ₹ 1,537,007/ , the same remained as income of the assessee as taxable income. Thus, in nutshell, assessee on the income of contribution claimed exemption under section 10 (23EC) of the act and on the balance other income from property held under trust applied provisions of section 11 and 12 of the act. 07. The return was processed under Section 143(1) of the Act and intimation was issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision of Section 11(7) of the Act and submitted that assessee is eligible for exemption of contribution under Section 10(23EC) of the Act. Further, on other income those are chargeable to tax as per provisions of Section 11 and 12 of the Act assessee is also eligible for those benefits. The learned CIT (A) was also urged that identical issue arose in the case of the assessee for A.Y. 2015-16, 2017-18 and 2018-19, wherein identical intimation under Section 143(1) of the Act were passed disallowing exemption under Section 10(23EC) of the Act. However, when those years were picked up for scrutiny, assessment orders were passed under Section 143(3) of the Act for those years and assessee was granted exemption under that provision of the la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention and perused the orders of the lower authorities. We find that the income of the assessee with respect to contribution received from recognized stock exchange and the members thereof is eligible for exemption under section 10 (23EC) of the act. Central government for this exemption also notifies the assessee. Therefore, as far as the income of contribution is concerned, the learned CIT A has correctly granted the assessee under that section. 015. Provisions of section 11 (7) provides that where a trust or institution has been granted registration under section 12 AA and the said registration is in force for any previous year then nothing contained in section 10 shall operate to exclude any income derived from the property held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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