TMI Blog2023 (4) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... considered view that whenever a financial legislation is interpreted, it has to be interpreted literally or in other words there has to be literal interpretation of the said provision. Meaning thereby what exactly is the intention of the legislature in respect of that particular provision, that exactly has to be read into it and one cannot improvise through judicial activism or otherwise extending or reducing the scope of such financial legislation In order to claim exemption, the corporation has to be established only through the Act and not by any other means. Therefore, the NFAC has given a correct interpretation of the said section. Denying grant of registration/s 12AA of the Act to the assessee - assessee has taken a ground th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CPC, Bangalore hereinafter referred as Learned AD erred in law and on facts in not appreciating that, the appellant is a State or Arm of the State Government of Maharashtra / Extended arm of State Government of Maharashtra as per Article 12 of Constitution of India and consequently, the income of Appellant is not under ambit of taxation as per Article 289 of Constitution of India .. 2. The learned ClT(A)-NFAC, Delhi erred in law and on facts in upholding order of learned AO of assessing the taxable income of the appellant to the tune of Rs. 14,78,04,093/-by denying exemption u/s 10(26BBB) of ITA, 1961. 3. Learned CIT(A) erred in law on facts denying exemption u/s 10(26BBB) of ITA, 1961 by holding that, the appellant is not for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... odify, delete any of the grounds of appeal, and to seek any just and fair relief. 2. At the time of hearing, none appeared for the assessee nor any written submissions have been filed. There is no evidence also on record to suggest that hearing notice was not served properly on the given address of the assessee. The submissions of the ld. D.R and the documents/materials on record are considered and the matter is decided on merits. 3. That, on perusal of grounds of appeal, the first and foremost grievance of the assessee is denial of exemption u/s 10(26BBB) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) by the NFAC holding that the assessee is not formed under Central, State or Provincial Act but formed under a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -servicemen and accordingly who can be termed as ex-serviceman for the purpose of the provision has been specifically enumerated. The NFAC correctly held that as evident from the said provision i.e. sec. 10(26BBB) of the Act that any income of corporation which is established either by Central, State or Provincial Act only is exempted u/s 10(26BBB) of the Act. In this case, the assessee-corporation has come into existence by a Resolution of Government of Maharashtra and not by any Act of Central, State or Province. We are of the considered view that whenever a financial legislation is interpreted, it has to be interpreted literally or in other words there has to be literal interpretation of the said provision. Meaning thereby what exactly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven appeals of the same assessee came up before this Tribunal in a common order passed on 24-11- 2022 in ITA No. 384/PUN/2019, 245/PUN/2020, 640/PUN/2019, 641/PUN/2019 to 644/PUN/2019 wherein the ld. Counsel for the assessee appraised the Bench regarding earlier order of Pune Tribunal in ITA No.129/PUN/2021 (supra) and submitted that all these cases which were before the Tribunal for adjudication pertains to assessment taken place prior to the order passed by the Pune Bench of the Tribunal (supra). That whether now the assessee would get registration u/s 12AA of the Act that would have bearing on all these cases. Accordingly, the ld. Counsel for the assessee prayed that the matters may be remanded to the file of the ld. A.O. with a proper d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
