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2015 (6) TMI 556 - ITAT DELHIDenial of exemption u/s. 10(21) - the assessee has failed to furnish the Form 10 within time and get the delay condoned from the Competent Authority - assessee has been granted registration u/s 12A - CIT(A) allowed exemption - Held that:- CIT(A) held that the AO was not correct in denying the benefit to the assessee merely on the ground that the assessee has not filed the Form No. 10 within time before the prescribed authority, because it was approved for the purposes of section 35 of the I.T. Act, and there is nothing on record to suggest that it violated any of the other conditions for exemption, its eligibility for exemption u/s. 10(21) of the I.T. Act is otherwise not in dispute. Ld. CIT(A) has also held that the assessee was registered u/s. 12AA of the I.T. Act w.e.f. 7.4.2006 and its income is exclusively by way of grants/ aids and interest on bank deposits, neither of which accrued in the first week of April, 2006. As regards its income accruing after 7.4.2006, it was also eligible for exemption u/s. 11 of the I.T. Act. Thus, it was eligible for exemption in respect of its income under section 10(21) as well as 11 of the I.T. Act and was not required to furnish the declaration in Form No. 10 in respect of part of the income accumulated by it. Ld. CIT(A) has granted the relief to the assessee, as requested by it by passing an elaborate impugned order. Therefore, no interference is called for in the well reasoned order passed by the Ld. CIT(A) - Decided against assessee.
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