Section 10(23B) exemption depends on statutory conditions and Commission approval; matter remanded for reconsideration.

Entitlement to exemption under Section 10(23B) depended on satisfaction of the statutory conditions, including use or accumulation of income solely for development of khadi or village industries and the required approval from the Khadi and Village Industries Commission. The Court noted that the same question had already been considered in the assessee's earlier appeal, where the matter was remitted to the Tribunal for fresh consideration. Consistently with that earlier approach, the appeal was allowed and the matter was remanded to the Tribunal for reconsideration, including the issue identified in the prior decision.

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Issues: Whether the assessee was entitled to claim exemption under Section 10(23B) of the Income-tax Act, 1961, and whether the Tribunal's order required interference and remand for reconsideration.

Analysis: The appeal concerned assessment year 2001-02 and followed an earlier decision in the assessee's own case. The Court noted that entitlement to the benefit of Section 10(23B) depended on the satisfaction of the statutory conditions, including application or accumulation of income solely for the development of khadi or village industries and the requisite approval from the Khadi and Village Industries Commission. Since the same question had already been decided in the earlier appeal and the matter had been remitted to the Tribunal for fresh consideration, no different view was taken in the present appeal.

Conclusion: The appeal was allowed and the matter was remanded to the Tribunal for reconsideration, including the issue highlighted in the earlier decision.

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