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2011 (12) TMI 416 - AT - Income TaxValidity of the reopening - Condonation of delay in filing of cross objection - Held that:- it appears that the assessee took the provisions of condonation of delay in a casual manner and granted. It is well settled that the Court helps vigilant and not indolent. Hence, we are of the view that the assessee has not disclosed a reasonable/good much less a sufficient cause for not filling the cross objections within the period of limitation and the delay of about 5 years. - Cross Objections filed by the assessee are dismissed as time barred. Right of the assessee (respondent) to raise issues under rule 27 of the ITAT Rules, even without filing the cross objection or appeal against the order of the CIT(A). - held that:- it is clear from the observation of the Hon'ble jurisdictional High Court in the case of B R Bamasi (1970 -TMI - 8216 - BOMBAY High Court ) that the effect of the plea raised by the assessee against the validity of the reopening would be only to the extent of defence against the appeal and if assessee succeeds in the said ground then, the appeal of the revenue would fail. Regarding reopening - Held that: the information and the material gathered during the course of assessment proceedings and assessment of exhibition income for the AY 2001-01 u/s 143(3) constitute a tangible material for coming to the conclusion that the income assessable to tax has escaped assessment - Decided against the assessee. Regarding exemption u/s 10(23C)(iv) - held that:- Since the assessee has not maintained separate books of account for these activities of providing other services and charging with a margin, the notification issued u/s 10(23C)(iv) will not applicable in respect of such income from other activities and therefore, the exemption u/s 10(23C)(iv) is not available in respect of the income earned by the assessee from the activity of providing power installation, electricity, telephone facilities, compressed air hire etc. etc. Accordingly, the Assessing Officer is directed to allow exemption with respect to the receipt and accumulations from the holding and organizing the exhibition and hence, the income from other activities in providing other services by charging huge profit has to be taxed as income of the assessee. - Decided partly in favor of revenue.
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