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2023 (1) TMI 900 - AT - Income TaxDenial of the benefit u/s 11 and 12 - appellant has violated the provision of Section 13(1)( c), 13(1)(d) - HELD THAT:- The submission of the assessee is that there is no such violation of provisions of the Act as alleged by the AO.As submitted that there is no violation of Section 11(5) as making investment in immovable property is one of the modes prescribed under the Act and further, the investment in agricultural land, though made in the name of his employees and others, yet the assessee is actually the beneficial owner of the land. It was also contended that the income that is falling within the violations of Act alone could be subjected to tax instead of rejecting the claim for exemption in respect of entire income of the assessee. It is also the contention of the assessee that the addition made by the AO with regard to notional interest and addition made u/s 40A(3) of the Act are liable to be deleted, once the assessee is held to be eligible for exemption u/s 11 of the Act. However, it is the contention of the ld. DR that various submissions and contentions raised by the Ld A.R require fresh examination. In the rejoinder to the submissions made by Ld D.R, the counsel of the assessee agreed that all the matters may be restored to the file of Ld CIT(A), as they involve examination of legal and factual aspects.Accordingly, we set aside the order passed by the ld. CIT(A) in respect of the addition confirmed by him and restore all those issues to his file for adjudicating them afresh. The assessee should be provided adequate opportunity of being heard. Appeal filed by the assessee is treated as allowed for statistical purposes.
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