2015 (4) TMI 512

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....ww 2. Mr. Suresh Kumar submits that the appeals raise substantial questions of law. They are formulated at page 7 of the paper-book. According to Mr. Suresh Kumar, the Tribunal failed to appreciate that the assessee before us was a local authority entitled to exemption under section 10(20) of the Income Tax Act, 1961 (for short "IT Act"), upto assessment year 2002-03. Thereafter, it decided to take the benefit of change in law and applied for grant of registration under section 12A of the IT Act, before the competent authority. That would enable it to claim exemption under section 11 of the IT Act. Though the application was filed on 26th March, 2007, the registration was claimed with effect from 1st April, 2003. That application was allow....

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....inuation of the assessment and, therefore, late filing of these documents would not disable the assessee from benefits of section 11. The assessment order was set aside by the Income Tax Appellate Tribunal and the Assessing Officer was directed to make a de novo assessment. While doing so, the Assessing Officer was directed by Income Tax Appellate Tribunal to take into account the registration granted under section 12AA of the IT Act with effect from 1st April, 2003, and the audit reports as well as the other documents filed in support thereof. 3. Mr. Suresh Kumar submits that this view of the Tribunal is not in consonance with the law laid down by the Hon'ble Supreme Court in the case of Commissioner of Income Tax vs. Nagpur Hotel Own....