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2010 (5) TMI 38 - HC - Income TaxExemption u/s 11(5) – Exemption u/s 10(23C(iv) - Investment - the petitioner had complied with the direction given in the earlier order of the high court of withdrawing the amount lying invested in India Exposition Mart Limited and in placing the said amount in a scheduled bank in accordance with Section 11(5) of the said Act. However, despite this having been done, the Director General of Income Tax (Exemption) did not grant exemption to the petitioner under Section 10(23C)(iv) for all the assessment years 2008-2009 to 2010-2011 but limited the exemption to the assessment years 2009-2010 and 2010-2011. In other words, he denied exemption for the assessment year 2008-2009. Held that: it was not open to the Director General of Income Tax (Exemption) to have refused exemption for the assessment year 2008-2009, when the petitioner had withdrawn the investment in India Exposition Mart Limited and placed the same in a scheduled bank in compliance with the provisions of Section 11(5) of the said Act. It was made clear in the order passed by this Court that the second application that would be moved by the petitioner pursuant to the order of the High Court, would be treated as having been filed on 22.05.2007 and was to be an entire substitute of the original application. – decided in favor of assessee
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