9911796707
TMI Blog2017 (7) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-13, claiming the following substantial questions of law : "(i) Whether on the facts and circumstances of the case the hon'ble Income-tax Appellate Tribunal was justified in upholding the order of the Commissioner of Income-tax (Appeals) in deleting the additions made by the Assessing Officer simply on the ground that exemption certificate under section 10(23C)(iv) had been granted to the assessee ? (ii) Whether on the facts and circumstances of the case the hon'ble Income-tax Appellate Tribunal was justified in accepting the results based on the provisional balance-sheet when the requirement for claiming exemption under section 10(23C)(iv) was that the audited balance-sheet was required to be filed along with the return of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch 1, 2016 granting exemption under section 10(23C)(iv) of the Act for the assessment years 2006-07 to 2011-12 was also applicable for the instant assessment year 2012-13. Not satisfied with the order passed by the Commissioner of Income-tax (Appeals), the Department-Revenue filed an appeal before the Tribunal. Vide order dated September 4, 2016 (annexure A-3), the Tribunal upheld the order passed by the Commissioner of Income-tax (Appeals), holding that the amount spent by the assessee-respondent was clearly application of income in nature which had been spent to achieve the objects. Further, when the assessee had been granted approval under section 10(23C)(iv) of the Act and the exemption was available with it, there was no question of di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the 1st day of December, 2006 shall at any one time have effect for a period not exceeding three assessment years.' Read in isolation, without any further guidance as was given by way of Explanatory Notes to the Finance Act, 2006 in respect of amendment of sub-clauses (iv) and (v) of section 10(23C), the above amendment leaves some scope for doubt about the period of validity of the approval under section 10(23C)(vi) and (via) on or after December 1, 2006. For the removal of doubts if any, in this regard, it is clarified that as in the case of approvals under sub-clauses (iv) and (v) of section 10(23C), any approval issued on or after December 1, 2006 under sub-clause (vi) or (via) of that sub-section would also be a one time appro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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