2011 (8) TMI 1252

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....li Sriniwas Rao Respondent by : Shri P. P. Bhandari O R D E R PER R. S. PADVEKAR, JM: In this batch of three appeals the Revenue has challenged the impugned orders of the Ld. CIT (A)-I, Mumbai for the Assessment Years 2005-06, 2006-07 and 2007-08 respectively. The Revenue has taken the following effective grounds which are also identical in other appeals: "1. On the facts and ....

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....ted by the Ministry of Commerce and is also incorporated as a Company under section 25 of the Companies Act, 1956. The assessee filed its return of income claiming exemption u/s.11 of the I.T. Act, 1961, but the same was denied. As in the opinion of the A.O., the assesse's council is organising trade fairs which is a dominant business activity. Hence the benefit of the exemption was denied to the ....

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....n Council, ITA (LOD) No. 1113 of 2010. The Ld. Counsel also filed the copy of the judgement of Hon'ble High Court which is placed on record. The Ld. CIT DR fairly conceded that the issue of the exemption u/s.11 is now covered in favour of the assessee as submitted by the Ld. Counsel. We find that the Hon'ble High Bombay Court has confirmed the order of the Tribunal in assesse's own case. T....

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.... Assistant Commissioner of Income Tax v/s. Thanthi Trust reported in 247 ITR 785, the decision of the Tribunal holding that the assessee has fulfilled all the conditions of Section 11(4A) of the Income Tax Act cannot be faulted. Moreover, the Tribunal has recorded finding of fact that the assessee has maintained separate books of account in respect of exhibition activity. In this view of the matte....