2011 (9) TMI 1248

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....And Shri Hari Om Maratha, Judicial Member For the Appellant : Shri Shaji P. Jacob, IRS, CIT. For the Respondent : Shri K. Meenatchi Sundaram, FCA. ORDER PER Dr. O.K. NARAYANAN, VICE-PRESIDENT These three appeals are filed by the Revenue. The cross objections are filed by the assessee. The relevant assessment years are 2003-04, 2004-05 and 2005-06. The appeals and cross objections ar....

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....002. The registration was granted by the Director of Income-tax(Exemptions), Chennai vide his order No. 2(1135)/05-06 dated 16.6.2008. 4. The assessee filed its returns in the status of a Local Authority. But the assessing authority held that a Local Authority cannot claim exemption under sec.11, He held that the status of the assessee should have been "Association of Persons". 5. The C....

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....to claim the status of a charitable institution. A partnership may not be entitled to be classified as a charitable institution for the reason that it is constituted for the purpose of sharing the profit and loss of a business carried on by the firm. So also in the case of a company as well, it cannot be a case of a charitable institution for the reason that the object of a company is to carry on ....

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.... under Indian Major Port Trust Act is a statutory authority treated as a Local Authority under the provisions of General Clauses Act. It is after considering all these organizational features, that the assessee has been granted registration under sec.12AA of the Income-tax Act, 1961. 7. Therefore, the Assessing Officer cannot deny the benefit of sec.11 to the assessee only on the basis of "stat....