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2017 (9) TMI 563 - AT - Income TaxWithdrawing the approval granted u/s 10(23c)(VI) - violation of provisions of investment contained in Sec. 13(1) (d)/11(5) - whether the Ld. CIT(E) was justified in withdrawing the notification and benefit u/s 10(23C)(vi) of the Act, on the basis that the assessee has not made investment in the specified assets? - Held that:- There is no dispute with regard to the fact that the assesee kept this investment as it is without converting into the same in the mode specified under the Act despite elapse of several years, the proviso of Section 10(23C)(vi) empowers the prescribed authority under the Act to withdraw the approval granted u/s 10(23C)(vi). It is borne out of records that the Revenue chose not to rescind the approval in earlier years. The Ld. Counsel for the assessee urged that withdrawal of exemption is very harsh step as the assessee has been enjoying the benefit of exemption, for several years. We deem it proper to restore this issue to the file of the CIT(E) to reconsider the submissions of the assessee, and give last opportunity to convert the shares into specified assets within a specified period, and meantime withdraw exemption u/s 11 & 12 in respect of income earned from the investment made in non-specified assets. This ground of assessee’s appeal is allowed for statistical purpose.
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