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2021 (7) TMI 83 - AT - Income TaxExemption u/s 11 - Registration u/s 12A - Charitable activity u/s 2(15) - HELD THAT:- We find that assessee is a chamber of commerce registered under 12A of the Act having main objects to promote and extend the commercial and industrial relations between Italy and India and the development of commercial exchanges between their respective industries, trades and businesses and to further the economic interest of Italy and India. The assessee is in existence with further objects to assist and facilitate new contracts between the trade, economic and industrial interest of both the countries. From the perusal of the aforesaid grounds of the Revenue, it could be seen that the issue in dispute is squarely covered by the Co-ordinate Bench of this Tribunal in the case of Indian Merchant Chambers [2016 (7) TMI 107 - ITAT MUMBAI] for A.Y.2009-10 which has been followed by the ld. CIT(A) while granting relief to the assessee by way of granting exemption u/s.11 of the Act, apart from placing reliance on other various decisions. CIT(A) had also relied on the assessment orders in assessee’s own case for A.Yrs. 2010-11, 2012-13, 2014-15 and 2016-17 where the claim of exemption u/s.11 of the Act has been accepted and granted under similar facts and circumstances by the ld. AO u/s.143(3). We find that the ld. CIT(A) has only followed Co-ordinate Bench decision of this Tribunal in the case of Indian Merchant Chambers in [2016 (7) TMI 107 - ITAT MUMBAI] for A.Y.2009-10 which is after the amendment brought in Section 2(15) of the Act and that the Revenue’s grievance is only that since the decision has been agitated by them before the Hon’ble Bombay High Court, they had not accepted the Tribunal decision and that the same had not attained finality. We find that the decision of this Tribunal is binding on us on the same set of facts and circumstances and hence, we deem it fit not to deviate from the said decision. We find that the ld. CIT(A) had rightly granted relief to the assessee in the instance case by following the decision of the Tribunal. Accordingly, the grounds raised by the Revenue are dismissed.
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