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TMI Blog2024 (9) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... 1), 1050430864(1), respectively, both dated 06.03.2023, in proceedings u/sec.143(3) of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties at length. Case files perused. 2. The assessee pleads the following identical substantive grounds in the instant appeals : 1. "On the facts and in the circumstances of the case the learned assessing officer has erred in denying the claim of PMRDA for exemption under section 10(46) of the Income Tax Act, 1961 albeit the fact that PMRDA is satisfying all the substantive conditions required to claim exemption under section 10(46) of the Income Tax Act, 1961. The recognition of the claim by the Central Board of Direct Taxes in the Gazette is a matter that merely falls under the procedur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts and in the circumstances of the case the learned assessing officer has grossly erred treating the sums received by PMRDA as its income, without having regard to the fact that the receipts would not be taxable in the hands of PMRDA on the principles of mutuality. The sums received by PMRDA are from persons residing/ carrying on business within the jurisdiction in which PMRDA is functioning, and the funds would have to be utilized for the benefit of the persons residing within that area. The receipts would therefore not be regarded as income in the hands of PMRDA. 5. On the facts and in the circumstances of the case, the disallowance of exemption claimed under section 10(46) without first disposing off the application filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The very factual position has continued before us as well. 3.1. Learned counsel at this stage informed us that the assessee has also filed it's writ petition(s) before the hon'ble jurisdictional high court and the same is yet to be decided. Be that as it may, we note that this tribunal is nowhere a party in the said proceedings pending before their lordships. Nor there is any stay order against us in both these appeals. Faced with this situation, we hardly see any reason to disturb the learned lower authorities findings declining the assessee's sec. 10(46) exemption claim for want of it's statutory notification. 4. Next comes the assessee's identical third substantive ground that the Assessing Officer as well as the NFAC have erred in law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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