TRUSTEES OF JNANA VISTRAK SANGH,MUMBAI vs. DY CIT CPC, BANGALORE

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ITA 601/MUM/2020Status: DisposedITAT Mumbai20 July 2021AY 2015-163 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The assessee's authorized representative requested to withdraw the appeal, stating that a rectification order under Section 154 had provided substantial relief. The Revenue had no objection to the withdrawal.

What were the facts?

The assessee, a trust, appealed against the CIT(A)'s order confirming the AO's denial of exemption under Section 11(1). The assessee argued that all conditions for exemption were met and the option under Section 11(1) was exercised within the prescribed time.

What were the issues?

Whether the assessee is eligible for exemption under Section 11(1) and whether the appeal should be withdrawn due to subsequent relief.

Which sections of the Income-tax Act were involved?

Section 11(1),Section 154,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “E” MUMBAI

Before: SHRI SHAMIM YAHYA ACCOUNTANTMEMBER & SHRI PAVAN KUMAR GADALE

For Respondent: Mr. Vijay Kumar Menon, DR
Hearing: 15/07/2021Pronounced: 20/07/2021

ORDER PER PAVAN KUMAR GADALE, J.M. The assessee has filed the appeal against the order of the Commissioner of Income Tax (Appeals)-1, Mumbai passed u/s 154 and 250 of the Income Tax Act, 1961. The assessee has raised following grounds of appeal –

1. On the facts and under the circumstances of the case and in law, the learned CIT (A) erred in erred in confirming the action of Assessing Officer, of not granting theexemption u/s 11(1) of Rs.4,00,00,000/-, although all the conditions laid down in section 11(1) are satisfied by the Appellant.

2. On the facts and under the circumstances of the case and in law, the learned CIT (A) erred in erred in confirming the action of Assessing Officer, of concluding that the Trustees of Jnana Vistarak 11(1) without appreciating the fact that the option u/s 11(1) was exercised by the Appellant within the prescribed time as per the provisions of the I. T.Act and the same was submitted to the AO vide letter dated 29.09.2015.

3. On the facts and under the circumstances of the case and in law, the learned CIT (A) erred in dismissing the appeal without appreciating the fact that the appellant is eligible to claim the exemption u/s 11(1) and not granting the same has caused genuine hardship to the appellant 2. At the time of hearing the Ld.AR of the assessee submitted that the assessee wishes to withdraw the appeal, as the rectification order u/sec154 of the Act was passed by the Assessing Officer on 25.02.2020 and provided substantial relief to the assessee.

3.

The Ld.AR has filed a letter along with the rectification order dated 25.02.2020 and prayed for withdrawal of the appeal. Contra, the Ld. DR has no objection.

4.

We after hearing the submissions of both the parties and perusal of material filed on record, permit the assessee to withdraw the appeal. Accordingly, the assessee’s appeal is treated as withdrawn and is dismissed.

5.

In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open Court on 20/07/2021.

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