2022 (5) TMI 1682

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....Income Tax Act, in respect of an amount of Rs. 3,16,43,346/- claimed by the assessee as exempt income; but assessed by the Assessing Officer as taxable income. The assessee is a trust, registered u/s 12A of Income Tax Act. Perusal of assessment order dated 29.12.2016 passed by the Assessing Officer u/s 143(3) of Income Tax Act; shows that registration u/s 12A was granted to the assessee by order dated 01.05.2009 of Ld. CIT(A), Agra. However, the Assessing Officer, vide aforesaid assessment order dated 29.12.2016, denied benefit of exemption u/s 11A read with section 12A of Income Tax Act and treated the assessee's income, amounting to Rs. 3,16,43,346/- as business income instead of exempt income as claimed by the assessee. Assesse....

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....s no. 1, 2, 3, 4, 5 and 6 are allowed accordingly. Ground no. 7, being general in nature, is not being adjudicated upon." (B) The present appeal has been filed by Revenue against the aforesaid impugned appellate order of the Ld. CIT(A). In the course of the appellate proceedings in Income Tax Appellate Tribunal ("ITAT for short); the following documents were filed from the assessee's side: Sl. No. Particulars 1. Copy of assessment order dated 28.11.2019 for AY 2017-18 2. Copy of assessment order dated 16.02.2021 for AY 2018-19 3. Copy of ITR and Audited Balance sheet for AY 2014-15 4. Copy of Trust Deed along with English translation 5. Copy of Registration Certificate u/s 12A dt. 01.05.2009 6. Copy of Assessmen....

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....ranted by the Ld. CIT has never been revoked or cancelled; and further, that registration u/s 12A of Income Tax Act has remained in force continuously since the grant of registration vide order dated 01.05.2009 of the Ld. CIT, Agra; implying that the assessee's claim of being a charitable trust has consistently been accepted by Revenue. In view of these submissions and contentions, the Ld. Counsel for assessee submitted that the present appeal filed by Revenue is devoid of any merit and should be dismissed. (C.1) The Ld. Senior Departmental Representative ("Sr. DR" for short) did not controvert the aforesaid submissions and contentions of the Ld. Counsel for the assessee. (D) We have heard both sides. We have perused the materials on reco....