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

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.