TMI Blog2019 (2) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act to the tune is hereby quashed and addition made thereon is thus deleted. - Decided in favour of assessee. - I.T.A. No. 2751/Ahd/2014 (Assessment Year : 2010-11) - - - Dated:- 28-1-2019 - Shri Pramod Kumar And Ms. Madhumita Roy, JJ. Appellant by : Shri Bandish Soparkar, A.R. Respondent by : Shri Vinod Tanwani, Sr.D.R. ORDER Ms. Madhumita Roy, The instant appeal preferred by the assessee is against the order dated 14.07.2014 passed by the Commissioner of Income Tax (Appeals)-V, Baroda for the Assessment Year 2010-11 with the following grounds: 1. The CIT(A) has erred both in Law and in fact in upholding the order of Assessing Officer Taxing the income of the Appellant of Rs,70,73,005/- claimed as exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and the explanation added to Section 10(20) enumerates the Local Authority which do not cover the VUDA. Subsequently, the assessee claimed that its objects falls under the provisions of Section 2(15) of the Act and has complied with all the eligibility criteria for grant of registration u/s 12A of the Act, which was allowed by CIT-I, Baroda on 29.11.2005 subject to fulfillment of conditions laid down in the Act. It is relevant to mention that provisos of Section 2(15) were not existed at that time. It is the case of the assessee that it is an institutions registered u/s 12AA of the Act engaged in the activity of general public utility after verifying the nature of activity of the institutions and hence eligible u/s 11(1) of the Act for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- to the appellant u/s 11 of the IT Act is hereby upheld. 3. At the time of hearing of the instant appeal, the Learned Counsel for the assessee submitted before us that the case is covered by the judgments of Jurisdictional High Court passed in the matter of Ahmedabad Urban Development Authority-vs-ACIT 396 ITR 323 (Guj.) and CIT-vs-Gujarat Industrial Development Corporation [2017] 89 Taxmann.com 366 (Guj.) where the claim of the assessee has been allowed in it proper prospective. The Learned DR however, relied upon the order passed by the authorities below. 4. We have heard the respective parties, perused the relevant materials available on record. We find that in similar set of facts the Jurisdictional High Court passed the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be in the nature of trade, commerce and business and therefore, the proviso to Section 2(15) of the Act was not applicable so far as the assessee was concerned. Therefore, the assessee was entitled to exemption under section 11. Apart from that CIT-vs.-Gujarat Industrial Development Corporation, wherein it was held as follows: Section 2(15), read with section 11, of the Income-tax Act, 1961 Charitable purpose (Objects of general public utility) Assessment year 2009-10 Whether where assessee corporation was constituted under Gujarat Industrial Development Act, 1962, for purpose of securing and assisting rapid and orderly establishment and organization of industrial areas and Industrial estates in State of Gujarat, and for pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
