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2016 (11) TMI 1557 - ITAT CHANDIGARHEntitlement to exemption u/s 10(23C)(iv) - continuity of claim - Held that:- Board’s circulars are binding on Income Tax authorities. CIT(Appeals), therefore, correctly relied upon Board’s circular No. 7/2010 for the proposition that once approval u/s 10(23C)(iv) have been granted to the assessee, it would be valid until withdrawn. DR could not contribute anything on this issue and no infirmity have been pointed out in the order of the ld. CIT(Appeals). Disallowance of capital, expenditure u/s 37(1) - Held that:- On perusal of the Income & Expenditure account, for year ending 31.03.2012 found that revenue grants on income side have been shown after reducing the amount utilized for capital expenditure. No further expenditure has been debited. These finding of facts recorded by ld. CIT(Appeals) have not been rebutted in any manner. Further the amounts spent by assessee are clearly application of its income in nature which have been spent to achieve the objects of the assessee. Further, when assessee has been granted approval under section 10(23C)(iv) of the Income Tax Act and exemption is available to the assessee, there is no question of disallowing any amount of this nature. - Decided against revenue
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