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2016 (11) TMI 1042 - AT - Income TaxNon grant of exemption u/s 11 - Held that:- As all the conditions of section 11 of the Act stand fully satisfied by the assessee cumulatively. Section 12 is not applicable to the facts of the case. Firstly, the income is derived from property held wholly for charitable purposes. Hence, the mandate as per "M. Visvesvaraya Industrial Research and Development Centre" (2012 (11) TMI 235 - BOMBAY HIGH COURT), as to whether the assessee has satisfied the conditions stipulated in section 11 stands complied, as all the three conditions regarding deriving income from property held under trust wholly for charitable purposes, application of income to charitable purposes in India and accumulation not being more than 15 per cent. of such income are satisfied. The position with regard to the other assessee remains undisputedly the same. Neither of the authorities below has challenged the financials of either of the assessees, and therefore, the requirements of section 11 of the Act, as noted, qua both the assessees, has remained unquestioned, nullifying the impugned orders on this score. On the basis of the above discussion, we hold that the learned Commissioner of Income-tax (Appeals) has erred in confirming the non- grant of exemption under section 11 of the Act to the assessee and, accordingly, none of the alternative submissions raised by the assessee requires to be adjudicated, that they having been rendered merely academic. - Decided in favour of assessee
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