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2015 (6) TMI 856 - AT - Income TaxEligibility to claim exemption u/s 11 denied - assessee has advanced a sum of ₹ 47.71 lakhs to a sister-Trust so diverted by the assessee is liable to be taxed as income of the assessee as held by AO - Held that:- the assessing officer has failed to refer to any of the provisions of the Act, under which he is forming such an opinion, i.e., he has not shown as to how the assessee has violated any of the provisions of the Act, which would warrant rejection of claim of exemption made u/s 10(23C)(iiiad) of the Act. On the contrary, the contention of the assessee is that the amount so advanced to another educational institution falls within its object of the assessee society. The said contention of Ld A.R could not be rebutted by the revenue. Hence the said reasoning given by the assessing officer also fails. Thus the assessing officer has brought to tax the amount of ₹ 47,71,058/- in the hands of the assessee without the authority of law. Accordingly, we are of the view that the Ld CIT(Appeals) was not justified in confirming the assessment of the above said amount. Hence, we are unable to sustain the order of Ld CIT(Appeals) on this issue. Accordingly, we set aside the order of Ld CIT(Appeals) and direct the Assessing Officer to delete the assessment of ₹ 47,71,058/- referred above. - Decided in favour of assessee.
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