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2017 (1) TMI 452 - ITAT DELHI

2017 (1) TMI 452 - ITAT DELHI - TMI - Exemption claimed u/s. 11/12 - denial of claim on the ground that the assessee society is not registered u/s. 12AA for the relevant AY - Held that:- We find that the addition of ₹ 1,58,27,052/- is confirmed by the Ld. CIT(A) solely on the ground that the assessee had not been granted Certificate of Registration u/s. 12A of the I.T. Act, 1961. We find that Ld. CIT(E) vide his order dated 19.8.2016 passed u/s. 154 of the Act has rectified the mistake by .....

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wer authorities and delete the addition in dispute. - Decided in favour of assessee - I.T.A. No. 305/DEL/2016 - Dated:- 4-1-2017 - Shri H. S. Sidhu, Judicial Member And Shri Prashant Maharishi, Accountant Member Assessee by : Sh. Anil Kanoida, CA Department by : Sh . Umesh Chand Dubey, Sr. DR ORDER Per H. S. Sidhu, JM Assessee has filed this Appeal against the impugned Order dated 17.11.2015 passed by the Ld. CIT(A), Gurgaon on the following grounds:- 1. On the facts and circumstances of the cas .....

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ing that appellant is eligible for exemption u/s. 11/12 of the Act as Tribunal vide order dated 2.11.2010 directed the CIT to grant Certificate of Registration u/s. 12A of the Act. 4. On the facts and circumstances of the case, the Ld. CIT(A) has erred in confirming income of ₹ 1,58,27,052 though the appellant had been given benefit of section 11/12 for AY 2010-11 and AY 2011-12 on the basis of ITAT order. 5. The appellant craves leave to add, amend or alter any of the grounds of appeal at .....

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ed and filed the information/details from time to time. The assessee Company is registered u/s. 25 of the Companies Act, 1956. No business activities had been carried out by the assessee company during the previous year relevant to the assessment year under consideration. The only source of income is interest on FDR. The assesee in its return had claimed exemption u/s. 11 of the I. T. Act. Assessee was asked to furnish Certificate u/s. 12A for the relevant year. The assessee replied that registr .....

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g to ₹ 1,58,27,052/- (Rs. 16042305 - 215253) was treated as profits from business and professional and added back to the income of the assessee. Accordingly, the AO assessed the income of the assessee at ₹ 1,58,27,050/- vide his order dated 16.3.2015 passed u/s. 143(3) of the I.T. Act, 1961. 3. Against the assessment order, the asseessee preferred an appeal before the Ld. CIT(A), who vide his impugned order dated 17.11.2015 has dismissed the appeal of the assessee by observing that t .....

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of the order of the Ld. CIT(E) it reveals that the assesse has been granted registration u/s. 12AA for the AY 2015-16 onwards. As such the assessee is not registered u/s. 12AA for the year under reference. Ld. CIT(A) has discussed this fact with the AR of the assessee who explained that the registration u/s. 12AA had been wrongly given by the CIT(E) w.e.f AY 2015-16 although the date of application u/s. 12A was 26.6.2009. The assessee contended that he was in fact eligible for registration u/s. .....

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Tribunal. 5. At the time of hearing Ld. Counsel of the assessee has filed a copy of the order dated 19.8.2016 passed u/s. 154 of the I.T. Act, 1961 by the Ld. CIT(E), Chandigarh wherein the following order has been passed:- Order u/s. 154 of the I.T. Act, 1961 In continuation to Order u/s. 12AA dated 20.5.2015 passed by the Commissioner of Income Tax (Exemptions), Chandigarh, the year from which the benefit of registration u/s. 12AA needs to be given inadvertently written as Assessment Year 2015 .....

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arh wherein the Hon ble High Court has held as under:- Learned Counsel appearing on behalf of respondents No. 2 and 3 states that the orders under section 154 of the Income Tax Act, 1961 have been passed rectifying the order dated 20.5.2015 under Section 12AA of Act. This is communicated by a letter dated 19.8.2016 wherein it is stated that inadvertently the year from which the benefit of registration was written as Assessment Year 2015-16 instead of Assessment year 2009-10 . The same was accord .....

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e appeals. The petitioner shall be entitled to appear before the CIT(A) and the Tribunal to invite their attention to a copy of this order. 3. Disposed of. 5.3 In view of the above, Ld. Counsel of the assessee has requested that keeping in view of the rectification order passed u/s., 154 dated 19.8.2016 passed by the Ld. CIT(E) and the decision dated 1.9.2016 of the Hon ble High Court of Punjab and Haryana at Chandigarh, the Appeal of the assesee may be allowed and orders of the lower authoritie .....

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