2019 (7) TMI 793

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....263 which is barred by limitation, illegal, without jurisdiction and contrary to law and facts and deserves to be quashed. 2. That having regard to facts & circumstances of the case, Ld. CIT has erred in law and on facts in assuming jurisdiction u/s 263 and has further erred in directing the assessing officer to re-compute the income of the assessee after considering the accrued interest on the loan advanced to HPDA and has further erred in directing the AO that assessee authority was ineligible for exemption u/s 11 of the Act in view of the amended provisions of section 2(15) and consider the issue of earn forward of loss. 3. That having regard to facts & circumstances of the case, Ld. CIT has erred in law and on facts in....

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....evelopment. In the assessment order the Assessing Officer observed that the income of the Authority was exempt u/s 10(20A) of the Act till 1.4.2003 but with effect from 1.4.2003, the said section has been omitted and the revenue authorities brought the assessee in the tax limit. The Assessing Officer mentioned that the assesee was registered u/s 12AA of the Act with effect from 31.3.2003 and had claimed exemption u/s 11 of the Act. The Assessing Officer further observed that during the assessment proceedings amended provisions of S.2(15) of the Act was brought to the notice of the assessee wherein the definition of 'charitable purpose' has been amended to provide with advancement of any other object of general public utility, shall not be a....

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....s a jurisdictional High Court in case of CIT vs. Rajesh Kumar Pandey (2012) 25 Taxman.com 242 (Alla). The Ld. AR submitted that Sec. 12A determination has been upheld by the Tribunal in favour of the assessee, thus the Commissioner of Income Tax cannot hold that the assessee was ineligible for exemption u/s 11 of the Act. 4. The Ld. DR submitted that the show cause notice is just and proper and Sec. 263 order has been rightly passed by the Commissioner of Income Tax as the Assessing Officer has not verified all the facts of the assessee's case during the assessment proceedings u/s 143(3) of the Act. 5 We have heard both the parties and perused all the relevant material available on record. The Hon'ble Allahabad High Court in the case ....