THE MARTHANDAM BEE KEEPERS CO OP SOCIETY LTD,KANYAKUMARI vs. INCOME TAX OFFICER WARD 1, NAGERCOIL, NAGERCOIL

Brief facts are that Assessing officer after reopening the present assessment on the basis of certain cash deposits has gone on to disallow exemptions claimed by the appellant under section 10(23BB) of the Income-tax Act, 1961 (hereinafter "the Act'). On further appeal to the ld. CIT(A), who dismissed the appeal of the appellant and affirmed the order of AO.

Now assessee is in appeal before this Tribunal.

At the outset, the ld.AR submitted that the petition u/s. 119(2)(b) is still pending adjudication before the competent authority (ld.CIT).

We have heard the rival submissions and perused the record. WE are of the considered view that when petition u/s. 119(2)(b) is still pending adjudication before the competent authority (ld.CIT) then the AO should wait for the outcome of the ld.CIT order. Therefore, we remit back both the appeals to the file of the AO to wait for the order of the ld.CIT.

In the result, both appeals filed by the assessee are allowed for statistical purpose. Since we have remitted back both appeals to the file of the AO, hence captioned stay petitions are become infructuous.