TMI Blog2021 (2) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... ompute the income in accordance with section 11 to 13 of the Act, after examining the records and after providing the opportunity of being heard to the assessee. The ground No.1 of the appeal is accordingly allowed for the statistical purposes. Addition made on account of infrastructure fund - HELD THAT:- As decided in own case [ 2019 (4) TMI 361 - ITAT DELHI ] there may not be any profit element in receipt of infrastructure fund from state authorities for infrastructure development activities. The Tribunal has held that it is difficult to believe that part amount could be capital receipt and part would be revenue in nature. Respectfully following the finding of the Tribunal (supra), we set aside the order of the authorities below o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indings and without observing the principles of natural justice. 3. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in not allowing the exemption u/s 11 12 and in making addition of ₹ 2,99,11,347/- on account of surplus in infrastructure reserve fund, is bad in law and against the facts and circumstances of the case. 4. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not reversing the action of Ld. AO in charging interest u/s 234B of Income Tax Act, 1961. 5. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of ₹ 2,99,11,347/- on account of surplus in infrastructure reserve funds. Aggrieved with the finding of the Ld. CIT(A), the assessee is in appeal before the Tribunal raising the grounds as reproduced above. 3. Before us, both the parties appeared through Videoconferencing facility. The assessee filed a paper-book electronically containing pages 1 to 51. 4. We have heard rival submission of the parties and perused the relevant material on record. Before us, the Learned Counsel of the assessee has submitted that issue in ground No. 1 of the appeal is covered by the order of the Tribunal in the case of the assessee for assessment year 2009-10 and 2010-11. The relevant finding of the Tribunal in ITA No. 4292 and 4293/Del./20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amining the records and after providing the opportunity of being heard to the assessee. The ground No.1 of the appeal is accordingly allowed for the statistical purposes., 6. Regarding ground No. 2 3, the learned counsel submitted that issue in dispute is covered by the decision of the Tribunal in the case of Khurja Development Authority (ITA No. 4290; 4291/Del./2014 and ITA No. 5103/Del./2016). The relevant finding of the Tribunal (supra) is reproduced as under: 15 After considering the rival submissions, we are of the view tht this issue also requires reconsideration at the level of the AO. The assessee has now been granted registration u/s 12AA of the Act and thus, assess is entitled for exemption from income u/s 11 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of being heard to the assessee. 7. We find that the Tribunal has held that there may not be any profit element in receipt of infrastructure fund from state authorities for infrastructure development activities. The Tribunal has held that it is difficult to believe that part amount could be capital receipt and part would be revenue in nature. Respectfully following the finding of the Tribunal (supra), we set aside the order of the authorities below on the issue of the infrastructure fund and restore the matter to the file of the Assessing Officer with the direction to decide the issue in accordance with law after giving adequate and reasonable opportunity of being heard to the assessee. The grounds No. 2 3 of the appeal are accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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