Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 499 - AT - Income TaxEntitlement for exemption u/s 11 and 12 - claim for the Asst Year 2006-07 in view of amendment brought in by Finance (No.2) Act , 2014 w.e.f. 1.10.14 by construing the same as retrospective in operation - Held that:- The amendment brought in Finance (No.2) Act, 2014 w.e.f. 1.10.2014 in section 12A(2) of the Act should have to be construed as retrospective in operation and accordingly the assessee would be entitled for exemption u/s 11 and 12 of the Act for the Asst Years 2006-07 and 2007-08 also. Hence we allow the additional ground raised by the assessee for both the years under appeal before us. Since the preliminary ground of claim of exemption u/s 11 and 12 for the Asst Years Kolkata Metropolitan Development Authority 2006-07 and 2007-08 is allowed , the regular grounds raised by the assessee on the validity of proceedings and the merits thereon are not required to be adjudicated herein. Hence we direct the ld AO to grant exemption u/s 11 and 12 of the Act for the Asst Years 2006-07 and 2007-08 and adjudicate the merits of the addition afresh in accordance with law. We make it clear that our opinion on the merits of the addition are left open and direct the ld AO to adjudicate the same afresh in accordance with law, after grant of exemption u/s 11 and 12 of the Act for the Asst Years 2006-07 and 2007- 08 .
|