2023 (7) TMI 408

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....al via the impugned order has set aside the order passed by the Commissioner of Income Tax (Exemptions) [in short, "CIT(E)"] dated 20.03.2017 in exercise of its powers under Section 263 of the Income Tax Act, 1961 [in short, "Act"]. 3. Briefly, the central issue in the case is : whether the amount, which, to begin with, was given by one of the trustees, i.e., Mr Mohinder Singh, in the form of unsecured loans, and which was later on converted to contribution, should have formed the basis for exercising revisional powers? 4. What is not in dispute is that the respondent/assessee obtained registration under Section 12A of the Act on 10.09.1985. 4.1 It is also not in dispute that the respondent/assessee obtained registration under Sect....

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.... of the IT Act on the ground that the Assessing Officer framed the assessment in a hurried and casual manner without any application of mind and in utter disregard to the consistent stand of the Department. It is the submission of the ld. counsel for the assessee that the Assessing Officer, after due application of mind and on the basis of the reply of the assessee to the various issues raised by him, has passed the order. It is also the submission of the ld. counsel for the assessee that the Tribunal in assessee's own case for assessment year 2006-07 has allowed the exemption u/s 11 of the Act which was denied by the Assessing Officer and the CIT(A). Further, it is also the submission of the ld. counsel for the assessee that f....

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....use the Revenue has not filed any appeal against the order of the Tribunal on account of low tax effect the same in our opinion cannot be held as an adverse view against the assessee. We find the Hon'ble Gujarat High Court in the case of CIT vs. Arvind Jewellers (supra) has held that where the Assessing Officer has considered material on record and framed assessment, revision of order is not justified. It was held where the assessee had produced relevant material and offered explanation in pursuance of notices issued u/s 142(1) as well as U/S 143(2) of the Act and after considering the material and explanations, the ITO had given a definite conclusion, merely because a different view can be taken should not be the basis for action U/S 2....