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2016 (11) TMI 1022 - RAJASTHAN HIGH COURT

2016 (11) TMI 1022 - RAJASTHAN HIGH COURT - TMI - Denial of exemption under Section 10(23C)(vi) - Held that:- In view of order passed by the Central Board of Direct Taxes vide order dated 16th March, 2007, which is applicable for Assessment Year 1999-2000 and onwards, the assessee/respondent is held entitled for exemption under Section 10(23C) (vi) of the Income Tax Act, 1961. Learned Tribunal has already affirmed the order of Commissioner of Income Tax (Appeals), who had allowed the exemption t .....

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n 21st August, 2012 holding as under:- 2. I.A. No. 17683/2012 in D.B. Income Tax Appeal No. 236/2009 and I.A. No.17670/2012 in D.B. Income Tax Appeal No. 404/2011 are allowed. 3. At the request of the parties, the appeal was heard finally. 4. The appeal is directed against the common order dated 19th September, 2008 passed by Income Tax Appellate Tribunal, Jaipur Bench 'A', Jaipur, whereby ITA No. 694 & 695/JP/2007 relating to Assessment Year 2004-2005 and 2000-2001 filed by revenue, .....

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of Income Tax (Appeals), the revenue preferred two separate appeals before the Income Tax Appellate Tribunal, which have been dismissed, vide common order dated 19th September, 2008, which is under challenge in these appeals. 6. Initially, learned counsel for the appellant argued that the orders passed by Commissioner of Income Tax (Appeals) as well as Income Tax Appellate Tribunal are bad in law, the Assessing Officer was right in declining the exemption to assessee under Section 10(23C)(vi) o .....

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of order passed by Central Board of Direct Taxes, the assessee is entitled for exemption under the provisions of the Act. The order of Central Board of Direct Taxes dated 16th March, 2007 is reproduced as under:- P.No.197/115/2006-ITA, I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th March, 2007 ORDER In exercise of powers conferred by the sub clause (vi) of the clause(23C) of Section 10 of the income tax Act, 1961(43 of 1961), the Cen .....

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ulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years; b) the institution will not invest or deposit its fund (other than voluntary contribution received and maintained in the form of jewellery, furniture, etc.) for any period during the previous years relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) .....

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