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2018 (6) TMI 1809 - AT - Income TaxExemption u/s 11 - Admission of additional grounds as well as additional evidence - addition on account of interest income treated the same as revenue receipts - Assessee submitted that the assessee company is non-profit organization established with substantial government grant of establishing Auto cluster to promote competitive capabilities of Auto sector related small, medium & large enterprises in Marathwada region of Maharashtra State and the company is now enjoying the benefit of registration u/s.12AA(1)(b)(i) of the Act and therefore, assessee raised additional grounds stating that the computation of income of the assessee should be done u/s. 11 and 12 HELD THAT:- We find that registration u/s. 12AA (1)(b)(i) of the Act was granted to the assessee company in the month of February, 2017 whereas, order of CIT(A) was passed on 29.07.2016. Considering the effect of the said registration order as well as considering the facts that the provision to proviso of sub section (2) of section 12A of the Act , we find the same constitutes an important paper relating to assessment year i.e. A.Y. 2012-13 which is under consideration. Considering the connectivity of issue to the additional evidences, we are of the opinion that admission of additional grounds as well as additional evidence is justified considering the set principles of natural justice. We, accordingly, admit the said additional grounds as well as additional evidences. We find relevant to remit the issue back to the file of Assessing Officer for fresh adjudication after granting reasonable opportunity of being heard to the assessee. The Assessing Officer shall pass a speaking order after considering additional evidence. Assessing Officer shall consider all the judgments cited by the assessee before us on the issue of nature of the interest receipts .Grounds raised by assessee are allowed for statistical purposes.
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