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2014 (6) TMI 327 - AT - Income TaxEligibility for exemption - Approval u/s 10(23C) of the Act could not produce – Educational institution – Held that:- The order of the CIT(A) in granting exemption to the assessee in respect of its income under S.10(23C) of the Act is based on her decision in assessee’s own case - during the course of appellate proceedings for that year, the assessee has filed before the CIT(A), copy of the approval obtained by it from the prescribed authority u/s 10(23C) of the Act, and based on such approval, exemption was granted to the assessee for that year - no material has been brought on record to substantiate the contention – thus, there was no infirmity in the order of the CIT(A) – Decided against Revenue. Validity of reopening of assessment - Proceedings initiated after four years – Held that:- Assessee contended that reopening could be held to be valid, only if it is found to be for the failure on the part of the assessee to disclose the fully and truly all the material relevant for completion of the assessment - reopening of assessment has been done, as it came to notice from the AIR information that the assessee has acquired RBI Bonds worth Rs.2 crores - But for this reason stated in the notice of reopening of assessment, there is no discussion whatsoever in that regard in the assessment order, much less any addition made in that behalf - there is no new material which has come to the hands of the AO, so as to initiate the proceedings for reopening of the assessment - Relying upon CIT V/s. Kelvinator India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA] - the decision has no application to the facts of the present case – thus, the order of the CIT(A) is set aside and reopening of the assessment in the case is neither legal nor valid – Decided in favour of Assessee.
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