2014 (6) TMI 1091

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....i. Shubham Rastogi, C.A. ORDER PER SUNIL KUMAR YADAV: This appeal is preferred by the Revenue against the order of the ld. CIT(A) on a solitary ground that the ld. CIT(A) has erred in deleting the addition of Rs.63,56,714/-. 2. The ld. D.R. has placed reliance upon the order of the Assessing Officer. 3. The ld. counsel for the assessee during the course of hearing of the appeal has ....

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.... pronouncements and has finally concluded that assessee is entitled for exemption under section 80P(2) of the Act. The relevant observations of the Tribunal is extracted hereunder for the sake of reference:- "7. In our considered view, the reliance of the Revenue on the decision of the Hon'ble Supreme Court in the case of Ponni Sugars and Chemicals Ltd. is misplaced. It is because in ....

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...., the assessee society's main objects are as under:- (i) To enhance the cultivation of sugar cane crop. (ii) Providing of better price to its member cane growers by mills. (iii) Supply of cane to sugar mills (iv) To provide seeds, fertilizers pesticides, agricultural equipments to members. 8. Clause (vi) empowers the assessee to arrange funds and financ....