TMI Blog2013 (10) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... of CIT(A) 1, Mumbai, dated 25.06.2012, wherein the following grounds have been taken: 1. On the facts and in the circumstances of the case, and in law, the Ld. Commissioner of Income-tax (Appeals) erred in directing the AO to allow exemption u/s 11 of the I T Act, 1961 ignoring the elaborate discussion of issues and facts and circumstances of the case by the AO . 2. The appellant prays that the order of CIT(A)I, Mumbai be set aside and that of the AO be restored. 3. The appellant craves leave to amend or alter any ground or add a new ground which may be necessary. 2. Briefly stated the facts of the case, as observed by the AO in the assessment order are that, the assessee Slum Rehabilitation Authority, primarily known as SRA is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 11 of the Income Tax Act. The AO further observed that since in the assessment year 2007-08 the exemption under section 11 of the Act was denied to the assessee in the assessment order passed under section 143(3) of the Act, the AO for the same reasons while observing that the department has not accepted the appellate order passed in favour of the assessee, denied the exemption under section 11 of the Act for the impugned assessment year and accordingly determined the taxable income at ₹ 83,98,10,894/- vide order dated 22.12.2011 passed under section 143(3). 3. On appeal, the CIT(A) following the order of the coordinate Bench of the Tribunal for the assessment year 2003-04 and the decision of the Hon ble Supreme Court in C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Board (supra) has held vide para 6 7 appearing at page 5 of the Tribunal order as under: - 6. In the present case, the Slum Development Authorities is established for providing residential settlements to the slum dwellers without any profit motive. Moreover, primary purpose and the predominant object are to promote the welfare of the general public by providing better residential accommodations to slum dwellers and economically deprived class of society and said purpose would be charitable in nature only. Hence, in our humble opinion assessee s case is squarely covered by the principles laid down by the Hon ble Supreme Court of India in the case of Gujarat Maritime Boards (supra). 7. In our opinion, the activities of the SRA, pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act? 2. The respondent-assessee we granted registration under Section 12AA of the Income Tax Act, 1961 (the Act). Subsequently, the respondentassessee claimed exemption of its entire income under section 11 of the Act. The assessing officer denied the exemption under Section 11 of the Act and sought to bring the entire income to tax. In appeal, CIT(A) following the decision of the Apex Court in the matter of CIT V/s Gujarat Maritime Board reported in [2007] 295 ITR 561 (SC) allowed the respondent-assessee s appeal. 4. On further appeal by the revenue, the Tribunal by the impugned order held that the respondent-assessee was established for providing residential settlement to slum dewellers without any profit motives. The respondent- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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