TMI Blog2011 (7) TMI 1196X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. We extract below the effective grounds raised in the appeal relating to the assessment year 2006-07: (02) The CIT (A) should have seen that the income of the appellant is exempt under section 10(26AAB) of the Income Tax Act, 1961, in as much as the insertion of Sec.10(26AAB) by the Finance Act, 2008 is to be considered as retrospective and retroactive in its operation. (03) The CIT (A) erred in refusing exemption under section 11 to the appellant s income in the facts and circumstances of the case. (04) The CIT (A) should have seen that the appellant could not file form No.10 10B due to circumstances beyond its control. (05) The CIT (A) should have seen that the mention of objects for accumulation or setting apart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as above, we hold that Section 10(26AAB) of the Act inserted by the Finance Act, 2008 w.e.f. 01.04.2009 cannot be applied retrospectively w.e.f. 01.04.2003 and that the new clause (26AAB) in Section 10 of the Act is applicable w.e.f. 01.04.2009 and shall accordingly apply for the assessment year 2009-10 and for the subsequent assessment years . In view of the above said decision, the assessee would not be entitled for relief under section 10(26AAB) of the Act for the years under consideration. Accordingly we dismiss the grounds relating to the same. 4. All other grounds relate to claim of the assessee for exemption under section 11 of the Act. The facts relating to the said issues are stated in brief. The assessee was granted regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not in accordance with the law as held by the Hon'ble Jammu Kashmir High Court in the case of CIT vs. Trehan Enterprises reported in (2001) (248 ITR 333). Accordingly he pleaded that the issue of allowing exemption under section 11 may be set aside to the file of the Assessing Officer for examination afresh. 6. On the other hand the learned Departmental Representative submitted that the Assessing Officer has examined the claim of exemption under section 11 in these two years. 7. We have heard the rival contentions and carefully perused the record. We notice from the assessment order the Assessing Officer has denied exemption under section 11 for want of form No.10 for accumulation of income as required under section 11(2) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
