TaxTMI 
TaxTMI 
2023 (10) TMI 24
X X X X Extracts X X X X
X X X X Extracts X X X X
...., 2019-20 and 2020-21, in case of NCDEX Investor Protection Fund Trust, Mumbai (assessee / appellant) against the appellate order passed by the National Faceless appeal Centre, Delhi, on 6th May, 2022 for A.Y. 2016-17 and on 13th June, 2022 for A.Y. 2019-20 and 2020-21. 02. In all these three appeals, identical grounds of appeal are raised as under:- "ITA No.855/Mum/2023 1. Whether on the facts and in circumstances of the case and in law Ld.CIT(A) is justified in simultaneously allowing the claim of exemption u/s 10(23EC) as well as exemption u/s 11 of the act despite the restriction provided u/s 11(7) of the Act? 2. Whether on the facts and in circumstances of the case and in law, Ld.CMA) erred in not appreciating that as per sectio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ns of section 11(7) of the Act? 6. That the appellant craves leave to add/amend delete and /or modify the above grounds of appeal on or before retrospectively." 03. In all these three appeals the assessee has filed Cross Objection raising issue against the validity of adjustment made to the return income in terms of intimation issued under Section 143(1) of the Income-tax Act, 1961 (the Act). Identical grounds are as under:- "CO No. 49/Mum/2023 1. Re. Validity of the adjustment made to the returned income in terms of the Intimation issued under Section 143(1) of the Income-tax Act, 1961: 1.1 The CPC-Bangalore/ Assessing Officer has erred in making an adjustment of Rs.9,24,58,751/- to the returned income of the Appellant in terms of....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... In the return of income assessee claimed exemption under section 10 (23EC) of the act on account of the contribution received of Rs. 92,458,751/-. As assessee has also other income other than the contribution income to which provisions of section 10 (23EC) of the act applies amounting to Rs. 44,934,879/-, assessee claimed deduction of amount of expenditure incurred on the object of the trust, income under section 11 (1) (a) and further accumulation under section 11 (2) of the act. However as assessee has spent on expenditure incurred outside India of Rs. 1,537,007/-, the same remained as income of the assessee as taxable income. Thus, in nutshell, assessee on the income of contribution claimed exemption under section 10 (23EC) of the act a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g income derived from property held under trust as assessee is registered under Section 12AA of the Act. Before the learned CIT (A), assessee explained provision of Section 10(23EC), provision of Section 11(7) of the Act and submitted that assessee is eligible for exemption of contribution under Section 10(23EC) of the Act. Further, on other income those are chargeable to tax as per provisions of Section 11 and 12 of the Act assessee is also eligible for those benefits. The learned CIT (A) was also urged that identical issue arose in the case of the assessee for A.Y. 2015-16, 2017-18 and 2018-19, wherein identical intimation under Section 143(1) of the Act were passed disallowing exemption under Section 10(23EC) of the Act. However, when th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n to the assessee under section 10 (23EC) and under section 11 and 12 of the act Simon tenuously on different incomes. 014. We have carefully considered the rival contention and perused the orders of the lower authorities. We find that the income of the assessee with respect to contribution received from recognized stock exchange and the members thereof is eligible for exemption under section 10 (23EC) of the act. Central government for this exemption also notifies the assessee. Therefore, as far as the income of contribution is concerned, the learned CIT - A has correctly granted the assessee under that section. 015. Provisions of section 11 (7) provides that where a trust or institution has been granted registration under section 12 AA ....