TMI Blog2021 (3) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee for the year under consideration. Thus, the ground raised by the assessee is allowed. - ITA No.363/PUN/2019 (Assessment Year: 2011-12) - - - Dated:- 5-2-2021 - SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER Assessee by: Shri Kishor Phadke Revenue by: Shri A.M. Madhavan Krishnan ORDER PER S.S. VISWANETHRA RAVI, JM : T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quested the assessee to produce copy of approval by the CIT and it was explained that the assessee applied for the approval but till date no approval has been granted by the CIT. For not producing the approval, the AO treated the contribution made to LIC as unrecognized fund and denied deduction. The ld. CIT(A) confirmed the order of AO. 4. The ld. AR, Shri Kishor Phadke drew our attention to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ind this Tribunal considered the issue in detail and held that the assessee is entitled to claim deduction for A.Y. 2012-13. The same are reproduced here-in-below for ready reference : 4. We have heard the rival contentions and perused the material available on record. It is an admitted fact that the assessee had made particular application for granting of approval on 14.08.2008. However, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e within a stipulated period of time, cannot be the ground for not allowing the claim of deduction u/s.36(1)(v) of the Act to the assessee. The assessee should not suffer loss on account of inaction and lethargic attitude of the Revenue in granting the approval. Hence, the deduction u/s.36(1)(v) of the Act cannot be denied on account of failure or delay in passing order of the application of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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