DY.CIT(EXP), BHUBANESWAR vs M/S. ORISSA COMPUTER ACADEMY, BHUBANESWAR

Income Tax Appellate Tribunal, CUTTACK BENCH, CUTTACK

Before: S/SHRI P.M. JAGTAP & C.M. GARG

For Appellant: Shri P.K.Mishra,, AR

For Respondent: Shri M.K.Gautam CIT DR

Pronounced: 28/1/2021

passing appeal effect order dated 24.1.2019, has accepted the claim of the assessee. Hence, the appeal for the assessment year 2010-2011 is dismissed.

Coming to assessment years 2013-14 & 2014-15, there are two issues involved i.e. disallowance of exemption u/s.11 & 12 of the Act and violation of section 13 on the loan to Krupajala Trust.

The CIT (A) following the order of this Tribunal has allowed the exemption u/s.11 & 12 of the Act. Further, following the order of the Hon’ble Delhi High Court in the case of DIT (Exemptions) vs Alarippu, 244 ITR 146(Del) and DIT (Exemptions) vs Acme Educational Society, 326 ITR 146 (Del) has held that the loan given by one charitable society to another society having similar objects cannot be treated as either an investment or a deposit so as to attract the mischief of section 13(1)(d) read with section 11(5) of the Act and following the same, the ld CIT(A) held that there is no violation of section 13 of the Act to deny exemption u/s.11 of the Act.

10.

During the course of hearing, learned representatives of both parties have agreed that the issue is covered by the decision of Hon’ble Delhi High Court and the decision of this Bench in assessee;’s own case (supra).

Hence, we dismiss the appeals filed by the revenue for assessment year 2013-14 & 2014-15.

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M/s. Orissa Computer Academy

11.

The cross objections filed by the assessee are in support of the order of the ld CIT(A). Since, we have dismissed the appeals of the revenue, cross objections have become infructuous and hence, dismissed.

12.

In the result, appeals filed by the revenue and cross objections of the assessee are dismissed.

Order pronounced on 28/1/2021.

DY.CIT(EXP), BHUBANESWAR vs. M/S. ORISSA COMPUTER ACADEMY, BHUBANESWAR