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2020 (11) TMI 409 - ITAT CHENNAIExemption u/s 11 - assessee has filed Form No. 10 setting apart accumulation of income beyond stipulated date - HELD THAT:- An identical issue has been considered by the Tribunal for the assessment years 2006-07 to 2010-11. [2019 (3) TMI 1828 - ITAT CHENNAI] where after considering the relevant facts of the case, the Tribunal has restored the matter to the file of the A.O. to reconsider the issue raised by the assessee regarding claim of exemption u/s.11 of the Act. We further noted that facts of the impugned assessment years are identical to the case considered by the Tribunal for the earlier assessment years and further assessment of earlier assessment years will have bearing on the assessments framed by the A.O for these assessment years. Therefore, considering the facts and circumstances and also the fact that assessee’s claim of exemption u/s.11 needs to be examined from the assessment year 2006-07 onwards, the appeals filed by the assessee for both the assessment years are restored to the file of the A.O. to reconsider the issue of exemption claimed u/s.11 in the light of Form No.10B filed by the assessee for both the assessment years. Also take note of the Writ Petition filed by the assessee before the Hon’ble Madras High Court challenging cancellation of registration withdrawn by the CCIT u/s.10(23C)(vi) of the Act and the outcome of the Writ Petition before the Hon’ble High Court. Protective addition - addition made to the income of the assessee for the assessment year 2011-12 on the ground that once substantive assessment has been made for the assessment year 2006-07, protective addition made for the impugned assessment year cannot survive - HELD THAT:- Since the assessment for the assessment year 2006-07 has been set aside to the file of the A.O, the Assessing Officer will examine the issue of taxability of particular addition in appropriate assessment years in accordance with law. Accordingly, appeal of the revenue is also set aside to the file of the AO.
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