2012 (6) TMI 913

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.... substantial questions of law:- "(1) Whether the Appellate Tribunal is right in law and on facts in holding that the assessee trust is entitled for exemption u/s.11 of the I.T. Act? "(2) Whether the Appellate Tribunal is right in law and on facts in holding that the activities of the assessee trust is not attracted by the provisions of section 13(1)(a) and 13(1)(b) of the I.T. Act, 1961?" 2. We have heard learned advocate Mrs. Mauna Bhatt for the appellant. We have gone through the relevant material and considered the impugned order of the Tribunal. 3. The issue relates to the claim of exemption by the assessee under Section 11 of the Income Tax Act, 1961 (`the Act' for sake of brevity). The assessee is a Jain De....

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....ly allowed, but was also confirmed by the Tribunal. The earlier orders of the Tribunal in respect of assessment year 2004-05 and 2005-06 were produced in the rectification proceedings. 4. The CIT(A) allowed the rectification application in which he relied on the observations of the Income Tax Appellate Tribunal recorded in its order related to previous assessment year. Those observations are reproduced herein below:- "In the present case at hand, the learned CIT(A) in his order vide paragraph 7.6 pertaining to the Assessment Year 2004-05 has observed that in the assessee's case apart from the religious activities i.e. propagation of Jain Philosophy and Ideology, the trust is also engaged in spreading religious and dharmik kn....