9911796707
TMI Blog2017 (10) TMI 1665X X X X Extracts X X X X X X X X Extracts X X X X ..... According to the Revenue, the assessee was performing functions which were regulatory in nature; not engaged in the advancement of objects of general public utility; not performing its duties, in accordance with the objects for which it was established - HELD THAT:- One finds the Tribunal to have taken a view contrary to the view taken by the Commissioner of Income Tax. What weighed with the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... JUSTICE (ORAL) Appeal came to be admitted on the following substantial questions of law: 1. Whether the assessee, being a Govt. Board carrying out purely regulatory functions on behalf of the State Govt., can be said to be an institution set up for charitable purposes as defined in Section 2(15) of the Income Tax Act? 2. Whether the Tribunal was right in holding that the registration granted to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chal Pradesh Road Transport Corporation. 3. Primarily, the issue pertains to the cancellation of exemption granted in favour of the assessee by the appropriate authority under the provisions of Section 12AA of the Income Tax Act, 1961 (for short, the Act ). 4. According to the Revenue, the assessee was performing functions which were regulatory in nature; not engaged in the advancement of objects ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat basis it arrived at the conclusions mentioned in the order. 7. As such, we deem it appropriate to remand the matter back to the Commissioner of Income Tax for taking a fresh decision, after considering rival contentions of the parties. Needless to add, Commissioner of Income Tax shall discuss the factual matrix and also, as to whether case of the assessee is covered by any one of the decisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
