2011 (4) TMI 1493

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....1 lakhs by allowing exemption to the income of the assessee society under provisions of Section 10(23C)(vi) of the Income-tax Act, 1961. 3. Facts in brief are that the assessee is a society with the main object of providing education to the students. As the receipt of the assessee was more than ₹ 1 crore, it was required to obtain approval of prescribed Authority for claiming exemption u/s 10(23C)(vi) of the Act. 4. During the course of scrutiny assessment, the AO found that the assessee has not been granted exemption u/s 10(23C)(vi) of the Act for the year under consideration, therefore, he declined claim of exemption in respect of excess of income over the expenditure amounting to ₹ 90,31,280/-. By the impugned order, the ld....

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....een done within a reasonable time. Various case laws were cited in support of its contention that in the absence of any acceptance or refusal within a reasonable time, the application of the assessee should be treated as accepted. In view of these judgements, the ld. Authorized Representative contended that the ld. CIT(A) was justified in directing the AO to allow exemption u/s 10(23C)(vi), notwithstanding the fact that no actual exemption was granted by the competent authority. 8. We have considered the rival contentions an carefully gone through the orders of the authorities below and find from record that relevant financial year under consideration ended on 31st March, 2004, whereas the assessee has alleged to apply registration u/s 10(....