9911796707
TMI Blog2024 (12) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... VAIDYA, JUDGE. For the Appellant(s): Mr. Neeraj Sharma and Mr. Ishaan Kashyap, Advocates. For the Respondent(s): Mr. Nitin Thakur, Advocate. TARLOK SINGH CHAUHAN, ACJ (ORAL) Since common questions of law arise for determination in both these appeals, therefore, the same are being disposed of by a common judgment. 2. ITA No. 18 of 2016 was admitted on 01.11.2016 on the following substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 2066/2009. iii) Whether the govt. Corporation performing regulator functions is entitled to exemption u/s 10 & 11 of the I.T. Act even though it is not existing for charitable purposes." 3. We have heard learned counsel for the parties and have also gone through the material available on record. 4. At the outset, it needs to be noticed that identical issue came up for consideration befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the conclusion mentioned in the order. 6. It also needs to be noticed that primarily the issue in these appeals pertain 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'). 7. According to the Revenue, the assessee was performing the functions which were regulatory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been considered or discussed by the Tribunal/Authorities below. Rather, perusal of order passed by the Appellate Authority demonstrates that there is no reasoning assigned as to on what basis it arrived at the conclusion mentioned in the order. 10. As such, we deem it appropriate to remand the matters back to the Commissioner of Income Tax for taking a fresh decision, after considering th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assed by the Income Tax Appellate Tribunal in ITA No.18 of 2016 and order dated 04.09.2014 passed by the Commissioner of Income Tax (Appeals) and order passed by the Income Tax, Appellate Tribunal on 25.02.2016 in ITA No.56 of 2016 are quashed and set aside. Questions of law are left open to be decided in appropriate proceedings. 13. With these observations, the appeals stand disposed of, so also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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