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2012 (10) TMI 253 - HC - Income TaxExemption under Section 12A accorded by CIT Patiala - petitioner-Authority contested that AO overlooked the exemption - Held that:- The effect of exemption granted or claimed by the petitioner-Authority pursuant to order dated 28.9.2005 can be raised by the petitioner before the Appellate Authority who shall be obligated to consider the same while deciding the petitioner's appeal - as not in dispute that the assessment order dated 30.12.2011 raising demand of Rs. 19,32,36,475/- towards income tax, penalty/interest etc. for the AY 2009-10 is already under challenge in appeal before the CIT (A), thus dispose of this writ petition with a direction to the CIT(A)-respondent No. 2 to decide the petitioner-Authority's pending appeal within a period of 4 months from the date of receipt of certified copy of this order. In order to protect the interest of the Revenue the petitioner- Authority is directed not withdraw or encash its fixed deposits to the tune of Rs. 20 crores till the decision of appeal by respondent No. 2, while it shall be at liberty to encash the rest of the FDRs.
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