ITAT Mumbai Decides on Exemption Claim under Income Tax Act

The Appellate Tribunal ITAT Mumbai addressed cross appeals and cross objections related to assessment years 2004-05 and 2005-06, focusing on the claim of exemption under section 10(23C)(vi) of the Income Tax Act. The Tribunal directed the Assessing Officer to decide the issue after the outcome of a pending Writ Petition before the High Court of judicature at Mumbai. Consequently, all appeals and cross objections were restored to the Assessing Officer with directions, and were treated as allowed for statistical purposes.

---

---

Issues involved: Cross appeals and cross objections pertaining to assessment years 2004-05 and 2005-06.

Exemption under section 10(23C)(vi) of the Income Tax Act:
The main issue in the case revolved around the claim of exemption under section 10(23C)(vi) of the Income Tax Act, 1961. The counsel for the assessee pointed out that a similar issue had been dealt with by the ITAT "H" Bench Mumbai in the assessee's case for assessment years 2002-03 & 2003-04. In that case, the matter was sent back to the Assessing Officer (A.O.) for decision after the assessee's application for exemption was rejected by the Chief Commissioner of Income-tax (CCIT) and a Writ Petition was filed. The counsel requested similar directions in the present case, which was not objected to by the Departmental Representative (D.R.). Consequently, all appeals and cross objections were restored to the A.O. with a direction to decide the issue after the decision of the court in the pending Writ Petition before the High Court of judicature at Mumbai. The appeals and cross objections were treated as allowed for statistical purposes.

Conclusion:
The Appellate Tribunal ITAT Mumbai, in a judgment dated 7th March 2012, addressed cross appeals and cross objections related to assessment years 2004-05 and 2005-06. The main issue centered around the claim of exemption under section 10(23C)(vi) of the Income Tax Act, with the Tribunal directing the matter to be decided after the outcome of a pending Writ Petition before the High Court of judicature at Mumbai.

---