2018 (5) TMI 1843

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....tsar (in short, "the Tribunal") in I.T.A. No.469(Asr)/2016, claiming following substantial questions of law:- "(i) Whether on the facts and circumstances of the case, the Hon'ble ITAT has erred in directing the grant of exemption u/s 10(23C)(vi) instead of reverting it back for re-examination in the light of its findings? (ii) Whether on the facts and circumstances of the case, the Hon'ble ITAT has erred in directing the grant of registration u/s 10(23C)(vi) despite the fact that the applicant failed to adduce evidences in support of its claim? (iii) Whether on the facts and circumstances of the case, the Hon'ble ITAT has erred in not following the tenet laid down by the Jurisdiction Hon'ble High Court of Punjab &....

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....n appeal before the Tribunal. Vide order dated 11.08.2017, Annexure A.2, the Tribunal allowed the appeal. Hence the instant appeal by the appellant-revenue. 3. We have heard the learned counsel for the appellant-revenue. 4. Admittedly, the application for grant of registration under Section 10(23C)(vi) of the Act was filed by the respondent-assessee on 13.08.2015, claiming exemption up to the financial year 2014-15 relevant to the assessment year 2015-16 as during that financial year, the gross receipt of the society exceeded Rs. 1 crore. The CIT(E) declined to grant registration under Section 10(23C)(vi) of the Act by holding that no evidence of accumulation of income after following the due process had been adduced. It has been cate....

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....thin the provisions of Sec.10(23C)(vi) of the Act for grant of registration because of the Act, the institution has not been categorized and it has to be given a general meaning as specified in the dictionary as observed by the ITAT, Bench at Madras(supra). In overall consideration of the facts and material and judgments relied upon by the parties, we also found support by the judgments passed by the Hon'ble Jurisdictional High Court as relied upon by the Ld. DR because excess accumulation in the instant case has certainly applied for the objects of the society itself, therefore, we do not find any hesitation to allow the registration to the assessee society u/s 10(23C)(vi) of the Act. Hence, we direct the Ld. CIT(E) to grant exemp....