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2014 (7) TMI 634 - AT - Income TaxBenefit of Sec.11 of the Act – Invocation of Sec. 13(1)(c) of the Act - Held that:- The income of the trust/property of the trust is to be applied for compensating losses if any arising out of defaults of the trading members of the Stock Exchange, to promote, educate and spread awareness among the general public at large about the securities and the trading market and to apply the income of the trust on such other purpose of public utility as it may deem fit - the assessee strongly stated that none of the claimants/beneficiaries/recipients of compensation whose claims were settled by Trust were trading members of NSEIL - the assessee has filed a demonstrative evidence in the form of certificate from the auditors of the assessee trust - the Revenue authorities have alleged that payment of compensation has directed or indirectly benefited to the trading members of NSEIL, nothing has been brought on record in support of the allegation – thus, the matter is remitted back to the AO for verification of correctness or otherwise of the facts – Decided in favour of Assessee. Exemption u/s. 10(23EA) of the Act - Held that:- The assessee trust has received contribution in terms of SEBI guidelines from NSCIL that should suffice for the claim of exemption – there was no merit in the findings of the CIT(A) for declining the exemption – there was no prohibition in the act denying the claim of exemption u/s 10 for the Trust who claimed exemption u/s. 11 of the Act - the assessee trust is a notified trust u/s. 10(23)(c)(iv) of the Act vide Notification dt. 15.12.2003 - though this claim was not made before the AO, relying upon CIT Vs Pruthvi Brokers & Share Holders Pvt. Ltd. [2012 (7) TMI 158 - BOMBAY HIGH COURT] – the AO is directed to entertain the claim of the assessee – Decided in favour of Assessee. Double addition - Capital gain already added and considered – Held that:- The issue needs re-verification as it is a question of fact – thus, the matter is remitted back to the AO - The assessee is directed to demonstrate how capital gain have been considered twice by bringing cogent material evidence on record – Decided in favour of Assessee.
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