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2012 (10) TMI 706 - HC - Income TaxRejection of application for renewal of exemption u/s 10(23C)(iv) - assessee claiming exemption under section 11 in revised return - Held that:- In the present case, it is an admitted position that the assessee had filed Form No.10 as required under rule 17 of the Rules r.w.s. 11(2) alongwith the revised returns filed in respect of all the assessment years under consideration before the assessment came to be completed, therefore, while completing the assessments for the assessment years under consideration, the AO had the necessary information in respect of the claim for exemption under section 11 of the Act made by the assessee before him, thus the assessee was, therefore, entitled to the benefit of section 11 on the basis of the information supplied by it prior to framing of the assessment orders. As decided in Commissioner of Income-Tax Versus Mayur Foundation [2004 (12) TMI 48 - GUJARAT HIGH COURT] the assessment proceedings cannot be said to be complete and are pending till the appeal is heard and disposed of by the Tribunal and accordingly held that the Tribunal was justified in considering a new ground by the assessee claiming benefit under section 11 during the course of the appeal - not possible to state that there is any legal infirmity in the impugned order of the Tribunal in holding that rule 17 of the Rules is directory in nature and in holding that the assessee had duly complied with the requirements of sub-section (2) of section 11 of the Act.
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