2009 (3) TMI 900

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....the Commissioner of Inome-tax (Appeals)-I, Calicut, dated January 14, 2008. The appeal arises out of the assessment completed under section 143(3) of the Income-tax Act, 1961. There is a delay of seven days in filing this appeal by the Revenue. The Revenue has explained the reasons for causing the delay to our satisfaction. Accordingly, the delay is condoned and the appeal is admitted for heari....

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....n of the income. The Commissioner of Income-tax (Appeals) found that the income of the assessee is subject to exemption available under section 10(23C) of the Act. Accordingly, he deleted the addition made by the Assessing Officer with the direction to the Assessing Officer to verify whether the requisite percentage had been applied for the objects of the trust. The Revenue is aggrieved and the....

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....eligible for exemption under section 10(23C).   Shri C. Karthikeyan Nair, the learned Additional Commissioner appearing for the Revenue contended that what is contemplated of exemption under section 10(23C) is regular income available to the assessee by way of different receipts and deemed income under section 68 is not covered by the provisions of section 10(23C). Ongoing through the s....