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2023 (10) TMI 29 - ITAT AHMEDABADExemption u/s 11 - As per AO from the balance sheet it can be seen that the assessee has made an investment in gold which is not an investment in the modes prescribed in Section 11(5) - HELD THAT:- CIT(Appeals) has correctly observed that the Assessing Officer has erred in facts and in law in disallowing the entire claim of exemption to the assessee trust on the ground that the assessee has not violated the provisions of Section 11(5) of the Act. Further, it is also observed that on similar set of facts, the assessee trust has been subject to scrutiny assessment for various years, as mentioned in the preceding paragraphs and no additions have been made in the hands of the assessee, and therefore in absence of any change in facts, the principle of res judicata should apply as held by the Hon’ble Supreme Court in the case of Excel Industries [2013 (10) TMI 324 - SUPREME COURT] - Accordingly, looking into the facts of the instant case, the appeal of the Department is dismissed.
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