2012 (4) TMI 772

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....t. P.C. : This Appeal arises from a decision of the Income tax Appellate Tribunal dated 18 March 2010. The Assessment Year to which the appeal relates is A.Y. 2004 - 05. The revenue has raised the following question of law : Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in allowing exemption of interest of ₹ 3,55,14,746/­ r....

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....for the first time in Assessment Year 2004 - 05. That apart, as the Tribunal observed, the Assessee satisfied the conditions for claiming the exemption under Section 10 (23G) since it engages in long term financing and the entities to whom the loans were granted were also notified under the provision. The reasons on the basis of which the Assessing Officer denied the exemption, have no basis or fo....