TMI Blog2010 (9) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... for only three assessment years - Keeping in view the principle that any circular issued by the Board, which is favourable to the assessee would be binding on the Revenue it was held that Director of IT (Exemption) to modify the exemption certificate dated 29th April, 2010, so as to make the same valid for the assessment year 2010-11 onwards till the same is withdrawn as per law - Appeal allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal or modify, withdraw any of the above grounds at the time of hearing of the appeal." 3. The learned Authorised Representative for the assessee has argued that in view of paras 29.3 to 29.7 of Board's Circular No. 5 being "Explanatory circular for Finance (No. 2) Act, 2009" the learned Director of IT (Exemption) should have given the said certificate for the assessment year 2010-11 onwards an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Authorised Representative submitted that the Board Circular No. 5 has made it amply clear that the approval of the appropriate authority is required to be given for perpetuity. This being beneficial to the assessee, the same is required to be followed by the Revenue. 6. We have heard the parties and perused the record. Para 29.7 of Board Circular No. 5 reads and under : "29.7 Applicabil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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