2023 (11) TMI 80

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..... y, CA ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-1, Noida dated 24.02.2020 pertaining to A.Y. 2014-15. 2. The grievance of the revenue read as under :- 1. Whether on the facts or in law the CIT(A) was justified in allowing benefit of exemption u/s 11 of the IT Act to the assessee while activities carried out by the society during the .....

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..... assessee filed its return of income electronically on 25.11.2014 declaring nil income. The return was selected for scrutiny and accordingly statutory notices were issued and served upon the assessee. 5. The assessment was completed vide order dated 21.12.2016 framed u/s. 143(3) of the Act at an assessed income of Rs. 556,06,660/-after making following two additions :- a. On account of investmen .....

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..... us the total interest for AY 2014-15 is worked out at Rs. 41,88,312/- which is to be taxed at Maximum Marginal Rate without giving benefit of exemption. Remaining amount of Rs. 40,80,000/- is to be taxed for AY 2015- 16. The prevailing market rate of interest is to be ascertaining by the AO and required to take remedial action accordingly. The figures of interest are subject to alteration based on .....

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