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2016 (1) TMI 570 - AT - Income TaxExemption u/s 11A denied - assessee is not maintaining separate books of accounts as required under provision of section 11(4A) - Held that:- We note that the facts and the issue are uncontrovertedly identical to the A.Y. 2007-08. No contrary decision was brought to our notice by either side and more specifically the Revenue. We further note that the benefit u/s 80G of the Act was granted by the Department to the assessee and the assessee is a registered with the Charity Commissioner along with the benefit of section 12A of the Act to the assessee. The only grievance of the Department is that the assessee trust is not maintaining separate books of accounts of its activities, therefore, he termed the assessee trust as AOP and assessed the income as business income, resultantly, denied exemption u/s 11A of the Act. The Tribunal has already placed reliance upon the decision from Hon’ble Apex Court and the ratio laid down therein in the case of Thanthi Trust (2001 (1) TMI 80 - SUPREME Court ). We find no infirmity in the conclusion drawn in the respective appeal by the ld. First Appellate Authority, therefore, the appeals of the Revenue are having no merit, resultantly, dismissed. - Decided in favour of assessee.
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