2015 (9) TMI 1778

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....fficer u/s 143(3) dated 28.12.2011. 2. Brief facts are that, assessee i.e. "Credit Guarantee Fund Trust for Micro and Small Enterprises" is a Trust set-up by Government of India and SIDBI for the purpose of providing effective credit guarantee or counter-guarantee for SSI loans and advances extended by eligible Schedule Commercial Banks and Rural banks without collateral security/third party guarantees. The said trust was registered u/s 12A, vide certificate dated 18.10.2001 issued by DIT(E), Mumbai looking to its object and purpose, which fall within the ambit of "charitable purposes" as defined in section 2(15). The Trust was also notified u/s 10(23EB) by the Finance Act, 2002 and accordingly, the income of the trust was exempt for the....

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....er the normal provisions of the Act. 3. Later on, the Ld. CIT issued notice u/s 263, proposing to cancel the assessment order u/s 143(3), mainly on the ground that voluntary contribution received during the year and surplus accumulation set apart in AYs 2007-08 & 2008-09 should be brought to tax as income of the assessee-trust in AY 2009-10. The main reason for holding so was that, the assessee is no longer eligible for claim of exemption u/s 11, as the registration granted u/s 12A has been withdrawn vide order dated 07.10.2011. Relevant finding of the Ld. DIT(E) in this regard has been dealt elaborately from pages 13 to 18 of the impugned order. 4. Before us, Ld. Senior Counsel, Shri Arvind Sonde, submitted that the order passed u/s ....