TMI Blog2009 (3) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeal arises out of the assessment completed under section 143(3) of the Income-tax Act, 1961. There is a delay of seven days in filing this appeal by the Revenue. The Revenue has explained the reasons for causing the delay to our satisfaction. Accordingly, the delay is condoned and the appeal is admitted for hearing. In the course of the assessment proceedings, the Assessing Officer has fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee is subject to exemption available under section 10(23C) of the Act. Accordingly, he deleted the addition made by the Assessing Officer with the direction to the Assessing Officer to verify whether the requisite percentage had been applied for the objects of the trust. The Revenue is aggrieved and therefore, this appeal before us. The ground raised by the Revenue is that the Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Additional Commissioner appearing for the Revenue contended that what is contemplated of exemption under section 10(23C) is regular income available to the assessee by way of different receipts and deemed income under section 68 is not covered by the provisions of section 10(23C). Ongoing through the scheme of the Act, we are inclined to agree that the contention of the learned chartered ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l pronouncement, we find that the order of the Commissioner of Income-tax (Appeals) is sustainable in law and the assessee is entitled to the benefit under section 10(23C) which is in respect of the income covered under section 68. In the result, the appeal filed by the Revenue is accordingly dismissed. The order pronounced in the open court on this day 31st of March 2009. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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