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TMI Blog2024 (10) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent. 2. This Tax Appeal is filed under Section 260A of the Income Tax Act, 1961 (for short 'the Act') proposing the following substantial questions of law arising out of the Judgment and Order dated 19.04.2023 passed by the Income Tax Appellate Tribunal, 'B' Bench, Ahmedabad (for short 'the Tribunal') in ITA No. 66/Ahd/2022 : "A. Whether on the facts and circumstances of case, Hon'ble ITAT was correct in holding that, CIT(E) has erred in passing order under Section 263 of Income Tax Act, 1961 as the issue of applicability of Section 13 (8) read with provision of Section 2 (15) of Income Tax Act, 1961, was covered in favour of assessee by the order of jurisdictional High Court and Hon'ble Supreme Court of India for the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed and added back to the total income of the assessee. 3.4. Considering the fact that in the previous year i.e. Assessment Year 2016-17 also a capital expenditure was disallowed by the then Assessing Officer in light of the provision of Section 13 (8) of the Act, the PCIT held that the order passed by the Assessing Officer by allowing such claim of assessee with respect to capital expenditure incurred was without proper examining the expenses in view of the provisions of Section 13 (8) of the Act as well as the case records of earlier Assessment Year and as such, the Assessment Order was erroneous and prejudicial to the interest of Revenue. 3.5. The PCIT therefore passed an order under Section 263 of the Act directing the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eneral public utility categories. 3.7. The Tribunal considering such submissions, allowed the Appeal of the assessee by observing as under : "6. We have heard the rival contentions and perused the material on record. Section 13 (8) of the Act states that the exclusion provided in section 11 or section 12 shall not be available to the assessee, if the first proviso to section 2 (15) of the Act becomes applicable in case of such person. However, we observe that at the time when the 263 proceedings were initiated by the Principal CIT, the jurisdictional Gujarat High Court had already decided the issue in favour of the assessee and had held that assessee-society constituted under Gujarat Town Planning and Urban Development Act, 1976, to exec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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