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TMI Blog2019 (9) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Employees Pension Fund, Chennai. The relevant portion of the order of the learned Tribunal is quoted below for ready reference: "5. Now the Revenue has disputed this finding of the ld.CIT(A). The main crux of the arguments as advanced by the ld.CIT(DR) is that the assessee has not claimed exemption of its entire income from tax under any specific section of the Act. The other argument of the Department is that the assessee trust has sought registration under Section 12A despite having obtained approval of the required authority under Part-B of Schedule IV of the Act, which was obtained way back in the year 1996. The objection of the ld.CIT(DR) is that u/s.10(23AAA) renewal of approval once in three years is required to be obtaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue urged before us that since no specific provision, under which the approval was obtained in respect of the respondent assessee Trust fund, was mentioned at the time of filing of the return and the approval granted under Part-B of Schedule-IV of the Act requires renewal after three years and since the said approval was not renewed, the assessee was not entitled to the exemption. 3. The learned for the assessee, however, submitted that Rule 2 of part-B of Schedule IV of the Act does not require any such renewal every three years and since the said Trust Fund of the respondent assessee was duly approved under Part-B Schedule-IV of the Act, the exemption claimed by the assessee under Section 10(25)(iii) of the Act could not have been de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to exemption under Section 10(25(iii)) of the Income Tax Act 1961 to the tune of Rs. 34,61,51,010/- is valid? (ii)Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the assessee is entitled to exemption under Section 10(25)(iii) of the Income Tax Act, 1961, even though the assessee claim for exemption under Section 10(23AAB) of the Act cannot be acceded because the provision came into effect from 01.04.1997 only and whereas the assessee was granted original approval by the Commissioner of Income-Tax in 1996 itself? (iii)Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in granting exemption under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 10(25)(iii) of the Act. Therefore, this contention of the learned counsel for the Revenue is absolutely misplaced. There is no dispute that the assessee held this approval for the assessment period in question, viz., assessment years 2001-02 and 2003-04. The Tribunal has found that the assessee had already obtained approval under Section 10 (23AAA) of the year 1996 and registration under Section 12(A) of the Act subsequently and therefore the entire income would be exempted under Section 10(25)(iii) of the Act. The learned Tribunal, in our opinion, was justified in upholding the exemption in favour of the assessee irrespective of the fact that the provision of the law, under which exemption was quoted, was not correctly mentioned by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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