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2021 (2) TMI 24 - AT - Income TaxExemption u/s 11 & 12 denied - Registration u/s 12AA has been allowed to the appellant by Hon’ble Allahabad High Court - Addition of surplus in infrastructure reserve fund by treating it revenue receipts - HELD THAT:- We find that the registration under section 12A of the Act has been restored by the Tribunal and till date said order has not been reversed by higher appellate forum, therefore, the assessee is entitled to the benefit of exemption under section 11 to 13 of the Act. Respectfully following the finding of the Tribunal in own case we are reminding matter back to the file of the Assessing Officer to compute the income in accordance with section 11 to 13 of the Act, after examining the records and after providing the opportunity of being heard to the assessee. The ground No.1 of the appeal is accordingly allowed for the statistical purposes. Addition made on account of infrastructure fund - HELD THAT:- As decided in own case [2019 (4) TMI 361 - ITAT DELHI] there may not be any profit element in receipt of infrastructure fund from state authorities for infrastructure development activities. The Tribunal has held that it is difficult to believe that part amount could be capital receipt and part would be revenue in nature. Respectfully following the finding of the Tribunal (supra), we set aside the order of the authorities below on the issue of the infrastructure fund and restore the matter to the file of the Assessing Officer with the direction to decide the issue in accordance with law after giving adequate and reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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